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Oil firms implement ‘crumbs’ price cut

  • Written by Jeffrey C. Tiangco
  • Published in Metro
  • Read: 306

FOR the third straight week, oil companies implemented another round of price rollback, which motorists described as “crumbs,” effective today.

The announcement of the crumbs price rollback in their petroleum products was spearheaded by one of the country’s oil giants, Pilipinas Shell, and three of the so-called independent oil players PTT, Pheonix, Flying V and Seaoil.
    
The rollback was pegged at P0.70 per liter in pump prices of gasoline, P0.15 in kerosene and P0.10 in diesel and took effect at either at 12:01 a.m. or 6 a.m. today.
    
The rollback, the third for this month, was allegedly due to movement of oil prices in the world market.
    
Records at the Department of Energy (DOE) showed that pump prices for gasoline ranges from P43 to P45 per liter while diesel was pegged at P30 to P34 per liter and P36 per liter for kerosene.