Oil firms to slash prices on Sunday

Posted at 05/26/2012 7:00 PM | Updated as of 05/27/2012 11:45 AM

MANILA, Philippines – Several oil companies have announced that they will reduce petroleum prices on Sunday.

Petron Corp., Shell Pilipinas and independent player SEAOIL said they will roll back prices of regular gasoline by P0.90 per liter; premium and unleaded by P0.45 per liter; and diesel and kerosene by P0.35 per liter, effective 12:01 a.m.

Meanwhile, Phoenix Petroleum Philippines announced that it will cut prices of its gasoline by P0.45 per liter and diesel by P0.35 per liter, effective 6 a.m.

The oil firms said adjustments are being made to reflect price movements in the international petroleum market. -- Reports from Alvin Elchico, ABS-CBN News; Henry Atuelan, dzMM