Oil companies to cut prices for 2nd straight week

MANILA, Philippines – Oil companies will be cutting pump prices of petroleum products on Tuesday, October 8, for the 2nd consecutive week, as Saudi Arabia continues to send a bullish message on the progress of repairs at its oil facilities.

In separate advisories, Shell, Petron, and Petro Gazz said they will be reducing gasoline prices by P0.80 per liter, while diesel will be slashed by P1.

Kerosene, which Petro Gazz does not carry, will go down by P1.15 per liter.

Cleanfuel earlier slashed prices last Sunday, October 6.

Last week, oil companies also implemented rollbacks, but the Department of Energy said rates could have gone even lower based on its computations.

The agency has since asked oil companies to explain how they came out with their figures. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.