Oil companies lower pump prices

OIL companies lowered their pump prices on Tuesday after more than two months of price hikes.

Shell, Seaoil, PetroGazz, CleanFuel, Caltex, Jetti Petroleum, Phoenix Petroleum, Unioil, PTT, and Flying V cut the prices of gasoline and diesel by P0.20 per liter. Shell, SeaOil and Caltex also lowered the cost of kerosene by P0.50 per liter.

Last week, oil companies raised the pump prices of gasoline and kerosene by P2 per liter and diesel by P2.50 per liter.

These price adjustments resulted in a year-to-date net increase of P17.50 per liter for gasoline, P13.60 per liter for diesel and P9.94 per liter for kerosene.