Fuel prices drop this week

OIL COMPANIES are rolling back the prices of petroleum products this week, with diesel users seeing a hefty cut of P1.10 per liter (/L). The prices of gasoline products will be down by P0.50/L, while kerosene will be cheaper by P1.30/L. The adjustment reflects the movement of prices in the international market. Most of the oil companies will be implementing the price rollback at 6:00 a.m. on Tuesday, Aug. 13. As early as Saturday, Phoenix Petroleum Philippines, Inc. announced its price adjustment, took effect in the afternoon of the same day. Pilipinas Shell Petroleum Corp. was second to come out with its advisory, although it scheduled the price cut on Tuesday. — Victor V. Saulon