Petron, Seaoil to cut fuel prices on Friday

(Updated 10:19 PM) Petron Corp., the Philippines’ leading oil refiner and distributor, and independent oil player Seaoil will cut fuel product prices on Friday, as global petroleum prices continue to drop. Both companies will slash prices of gasoline, diesel, and kerosene by P1 per liter on Friday, May 21. Seaoil's rollback will take effect at 6 a.m. Lower prices were due to the “continuing downward trend in the international oil market," Petron Corp. said in a text message. Earlier in the day, another small oil player - UniOil Petroleum Philippines Inc. - slashed their gasoline prices by P1 per liter. Last Monday, Petron Corp. and four other oil companies also cut their pump prices by P1.25 per liter. - MDM, ACC, RJAB Jr., GMANews.TV