Oil companies to slash pump prices this week

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Metro Manila (CNN Philippines, January 21) – Heads up, motorists! Fuel companies have announced a reduction in prices of their petroleum products which will take effect this week.

Petro Gazz said Sunday it will implement cuts of ₱1.70 per liter price on diesel and ₱0.85 per liter price on gasoline as early as 6am on Tuesday.

Shell will have a similar price reduction on its diesel and gasoline products on the same day, while kerosene will be priced ₱1.65 per liter.

Cleanfuel and Seaoil announced that their diesel products will be brought down to ₱1.70 while gasoline will be at ₱0.90 per liter.

Seaoil will also lower its kerosene price to ₱1.65 per liter, effective Monday at 6am.

Cleanfuel's rollback, on the other hand, will take effect today at 4pm.

Price movements in world oil market triggered this drop in local pump prices. Other fuel retailers have yet to announce if they will also implement similar rollbacks.