Fuel prices going down today

MANILA, Philippines — More oil companies announced pump price cuts effective today, as global crude prices plummeted during the previous trading week.

In separate advisories, oil companies announced gasoline prices would be decreased by 35 centavos per liter, diesel by 45 centavos per liter and kerosene by 60 centavos per liter.

Caltex Philippines said its price rollback took effect 12:01 a.m.

Meanwhile, Eastern Petroleum, Pilipinas Shell Petroleum Corp., Petro Gazz, Seaoil Philippines, PTT Philippines and Total said their price adjustments were effective 6 a.m.

On the other hand, Phoenix Petroleum Philippines implemented the price cuts on Sunday.

Last week, global oil prices started strong after Saudi Energy Minister Khalid al-Falih indicated continued production cuts by Organization of the Petroleum Exporting Countries and its allies.

However, prices plunged by five percent last Thursday as concerns over trade tensions dampened the demand outlook, Reuters reported.

Last week, oil companies increased gasoline prices by 90 centavos per liter, diesel by 80 centavos per liter and kerosene by 75 centavos per liter.