Oil companies cut petroleum product prices

OIL companies are starting the month with a cut in the prices of petroleum products, extending the price cuts they implemented for most of October.

This week, the prices of diesel products will go down by 25 centavos a liter, while gasoline and kerosene prices will both go down by 10 centavos a liter.

Oil companies that sent their advisories as of 5 p.m. on Monday said the price cuts will be implemented starting at 6 a.m. today.

This week’s price cuts follow the 45 centavos-a-liter drop in the price of gasoline last week. Diesel went down by 10 centavos a liter last week, while kerosene was unchanged.

For most of October, the prices of gasoline, diesel and kerosene products were down. Last month’s price cuts followed the hefty increase in the last week of September. — Victor V. Saulon