Oil firms slash pump prices by 50 cents

Motorists have reason to rejoice again as most major oil companies announced another price cut in gasoline and diesel fuel. Analy Labor

Motorists will continue to enjoy lower petroleum prices after industry players slashed pump prices of oil by half a peso for the third week in a series.

In separate advisories, Pilipinas Shell and Seaoil said they will implement a reduction of 50 centavos in every liter of gasoline, 10 centavos for diesel and 25 centavos for kerosene.

Shell’s adjustment will be effective on 10 September at 6 a.m. while that of Seaoil takes effect at 6 a.m. today (Monday).

Petro Gazz, on the other hand, will also reduce the costs of diesel by 10 centavos and gasoline by 50 centavos on 10 September, 6 a.m.

Meanwhile, Cleanfuel and Phoenix Petroleum each announced and implemented early reductions in pump prices this week, both cutting the gasoline and diesel prices by 50 centavos and 10 centavos, respectively.

Cleanfuel’s adjustment took effect on 8 September while that of Phoenix Petroleum was effective on 7 September.

The adjustments reflected the movement of global oil prices.

Year-to-date adjustments stand at a net increase of P4.66/liter for gasoline, P3.27/liter for diesel and P1.26/liter for kerosene.