FOR THE second straight week, oil companies will be cutting the prices of petroleum products to reflect the movement of prices in the world market. Gasoline prices will be down by P0.55 per liter (/L), while diesel and kerosene prices will both decrease by P0.60/L. “This is to reflect movements in the international petroleum market,” said Seaoil Philippines, Inc., which is among the first oil companies to adjust prices at 12:01 a.m. on Tuesday, June 12. Most of the companies that sent their price advisories will be slashing prices at 6:00 a.m. on Tuesday. This week’s price reduction comes after last week’s hefty price rollback, which saw per liter prices of gasoline products dropping by P1.20, diesel by P0.90, and kerosene by P1.00. — Victor V. Saulon
