OIL firms operating in the Philippines are set to lower pump prices for the second week in a row amid lingering weakness in the price of refined petroleum products abroad. Petron, Shell, Seaoil, and PTT Philippines said in separate announcements that they were set to roll back prices by P0.90 per liter on diesel, P0.85/L on gasoline, and P1.10/L on kerosene by 12:01 a.m. Jan. 13 (today). Phoenix Petroleum said it would implement similar price adjustments for diesel and gasoline from 6 a.m. on Jan. 13. This is to reflect the “continued decline in the prices of refined petroleum products in the world market,” Phoenix Petroleum said. Other oil firms have yet to announce their fuel adjustments. Generally, however, oil firms track each other’s prices as most of the fuel products in the country come from imports. The adjustments make up the second round of rollbacks for the year. As such, major fuel products gasoline and diesel have so far decreased by P1.35/L for diesel and P0.85/L for gasoline./inquirer.net
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