More oil firms slash gas pump prices


Slashing the prices of gasoline and kerosene down by P1.25 and 30 centavos per liter, additional oil companies amended their pump prices on Monday.

Flying V, Petron and PTT Philippines stated they would implement the price cut at 6 a.m. on May 14. Petro Gazz and Pilipinas Shell added they would also adjust pump price today.

Phoenix Petroleum was earliest to alter its pump prices on Saturday, lowering the cost of gasoline by P1.30 per liter. The price of diesel, however, was unchanged.

The next day, Seaoil dropped its prices on Sunday while Eastern Petroleum followed implementing the price cut on Monday.

The fuel prices fell as global crude prices were diversified. A report showed on Monday that Brent crude futures went up by 0.2 percent at $70.73 per barrel, but the US West Texas Intermediate dipped by 0.2 percent at $61.58 a barrel.

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