Gasoline, kerosene prices drop for 2nd week

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FOR THE second straight week, oil companies are cutting the prices of their gasoline products to reflect the movement of prices in the international market. For most of the firms, the reduction is P1.25 per liter (/L) for gasoline and P0.30/L for kerosene. No price change was reported for diesel products. The cut in pump prices is to take place at 6:00 a.m. today, May 14. But for Phoenix Petroleum Philippines, Inc., the decrease in gasoline prices was set earlier, at noon of Saturday, May 11. The reduction was also bigger at P1.30/L. In its price advisory, the company said the move was meant “to provide the public a longer period to avail of cheaper fuels.” Generally, oil companies follow the same schedule of price adjustment and almost always implement the same price changes. Last week, they cut the per liter prices of gasoline, diesel and kerosene products by P0.90, P0.80 and P0.80, respectively. — Victor V. Saulon