Oil firms roll back pump prices

Posted at 10/25/10 5:50 PM

MANILA, Philippines - Oil firms have cut petroleum prices by as much as P0.50 per liter.

Petron, Chevron, Phoenix Petroleum and Seaoil Philippines rolled back prices of premium gasoline, diesel and kerosene by P0.50 per liter, and regular gasoline by P0.25 per liter.

The latest price reduction was in line with the drop in world oil prices, they said.

Dubai crude averaged $80 per barrel this month against $75 last month. Dubai crude is the benchmark used by oil refiners in pricing their products.

Meanwhile, gasoline prices in the Mean of Platts Singapore (MOPS), the price gauge of importers, rose to $90 per barrel from last month's $83.

Oil players last week increased prices of their gasoline products by P0.50 per liter.