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Oil companies to cut petroleum prices
OIL COMPANIES are cutting the prices of petroleum products for the second straight week on Tuesday, according to separate advisories.
Gasoline and diesel will drop by 10 centavos a liter, while kerosene will slip by 15 centavos a liter.
The price cut will take effect at 6:00 a.m. today for most of the oil companies.
Last week, oil companies cut the prices of gasoline and diesel products by 10 centavos a liter, but raised kerosene prices by 10 centavos a liter.
This week, Seaoil Philippines, Inc. was among the first to enforce the price cut at 6:00 a.m. on Monday.
Last week, international crude prices fell, driven by concerns over the intensifying trade war between the US and China and its impact on the world economy.
Latest Department of Energy data showed year-to-date adjustments stand at a net increase of P4.75 a liter for gasoline, P3.35 a liter for diesel and P1.40 a liter for kerosene. — Victor V. Saulon