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Oil prices break uptrend this week

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OIL COMPANIES are rolling back the prices of gasoline, diesel and kerosene this week after four straight weeks of price increases the previous month. In their advisories on Monday, oil firms said they were cutting the price of gasoline by P0.90 per liter (/L), while reducing the cost of diesel and kerosene both by P0.80/L. Most of the companies that sent their advisories will implement the cut at 6:00 a.m. today. Ahead of them, Phoenix Petroleum Philippines, Inc. announced on Friday that it would reduce the per liter price of gasoline and diesel by P1.00 and P0.80, respectively, by noon on Saturday. Last week, oil companies raised the prices of gasoline, diesel and kerosene by P0.75, P0.90 and P0.80, respectively. — Victor V. Saulon

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