Eastern Petroleum to cut fuel prices on Monday

Independent oil player Eastern Petroleum Corp. has announced a fuel price rollback starting 5 a.m. Monday to reflect the softening of world oil prices. In a media advisory, Eastern Petroleum chairman Fernando Martinez said prices of gasoline will be slashed by P1 a liter as prices of imported gasoline softened by around $3 per barrel last week. Other oil firms, as of this posting, have not announced if they will also slash their fuel prices. As of March 15, gasoline was sold at P52.25 to P57.96 per liter while diesel was priced at P44.65 to P46.65 a liter. The political tensions in the Middle East and North Africa have largely contributed to the increase in the prices oil and petroleum products in the world market. — JE, GMA News