Oil players cut pump prices by as much as P0.60 per liter starting Tuesday to reflect the movement of prices in the world oil market. Petron said the latest price rollback “reflects movements in the international oil market.”Aside from Petron, Pilipinas Shell Petroleum Corp., PTT Philippines, Seaoil Philippines and Flying V issued advisories of the rollback. Phoenix Petroleum Philippines, meanwhile, cut pump prices by P0.50 per liter for diesel and P0.20 per liter for gasoline ahead of the pack, implementing the rollback at 6 a.m. Monday. The oil firms raised pump prices by P1.20 per liter for diesel, P0.90 per liter for kerosene and P0.70 perliter for gasoline effective July 11. Domestic pump prices follow the movement of world oil prices on a weekly basis.

Source: The Standard July 17, 2017 16:07 UTC