Oil firms cut diesel prices

MANILA, Philippines - Local petroleum players yesterday announced a rollback in the prices of diesel but would increase gasoline rates effective today.

Leading the announcement was Pilipinas Shell Petroleum Corp., ollowed by Petron Corp. and independent players Seaoil Philippines, PTT Philippines, Phoenix Petroleum and Eastern Petroleum.

The oil firms said they are cutting the price of diesel by 40 centavos per liter while gasoline rates would be raised by 15 centavos per liter.

The petroleum players said the adjustments would reflect the movement in the prices of refined petroleum products in the world market.

Other oil firms such as Chevron, owner of the Caltex brand, have yet to make their announcements.

Some of the companies’ price adjustments took effect starting at 12:01 a.m. today and others at 6 a.m.

Oil companies raised prices of gasoline by 85 centavos per liter and 80 centavos per liter for diesel last week.