Oil firms announce cut in fuel prices

Posted at 08/08/2011 12:02 PM | Updated as of 08/08/2011 4:18 PM

MANILA, Philippines (2nd UPDATE) - Oil firms will roll back fuel prices on Tuesday.

Pilipinas Shell Petroleum Corp. will cut unleaded and regular gasoline prices by P1 per liter, kerosene by P0.75 per liter and diesel by P0.50 per liter.

Independent oil firms Seaoil and Eastern Petroleum, on the other hand, will slash gasoline prices by P1 per liter, and diesel and kerosene by P0.75 per liter.

Their price cuts will be effective at 12:01 p.m. on August 9, Tuesday.

Phoenix Petroleum, for its part, will also implement the same roll back gasoline prices. Its diesel prices, however, will be slashed by P0.50 per liter.

The firms said the cut in prices reflects the movements in international fuel prices.