Oil firms to cut pump prices Monday

Four oil companies, including the three biggest oil firms in the country, will roll back the prices of their products anew starting Monday morning after implementing price roll backs last week. Chevron communications manager Toby Nebrida said the oil firm will cut gasoline prices by P1.50 per liter and their diesel and kerosene prices by P1.70 per liter effective 12:01 a.m. Monday. Two other oil giants, Petron and Pilipinas Shell, will likewise implement the same price roll backs also by Monday midnight.

SEAOIL, meanwhile, will reduce prices of its diesel and kerosene products by P1.85 per liter and P1.70 per liter on premium and unleaded gasoline, also effective at 12:01 a.m. Monday. The decreases in oil prices are said to reflect the movements of oil prices in the international market. Last Monday, local oil firms cut gasoline prices by P1 per liter and diesel and kerosene prices by 75 centavos. The Department of Energy however said on Wednesday during a congressional hearing that the price decrease should have been P2 per liter. - Andreo Calonzo/KBK, GMA News