OIL COMPANIES will cut prices starting Tuesday after last week’s hefty price hike.

The prices of gasoline products will go down by P1.45 a liter, diesel will be cheaper by 60 centavos a liter, and kerosene will drop by P1 a liter. Most of the companies will adjust their prices at 6 a.m. today.

“These reflect movements in the international market,” Petron Corp. said in a statement.

Phoenix Petroleum Philippines, Inc. on Sunday cut the price of gasoline by P1.55 a liter and diesel by 50 centavos a liter.

Last week, oil companies raised the prices of gasoline, diesel and kerosene by P2.35 a liter, P1.80 a liter and P1.75 a liter, respectively. — VVS

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