RP oil firms lower pump prices as world crude drops

A drop in world crude prices, prompting Philippines oil companies to lower pump prices of petroleum products, translates to good news for motorists as the week opens. Total rolled back the price of unleaded gasoline by P1.25 per liter and by P1 for diesel as of 6 a.m., according to a GMA News flash report Monday morning. PTT Philippines and Phoenix Oil are scheduled to follow suit at 12 noon. Motorists can expect PTT Philippines to rollback the pump price of premium gasoline also by P1.25 per liter and diesel by P1. Phoenix Oil will also pare its gasoline prices by P1.25 per liter and diesel by P1. World crude prices fell below $74 a barrel in Asia during Friday’s trading as the US dollar strengthened amid a debt crisis in Europe. —VS, GMANews.TV