THE oil companies cut pump prices by as much as P1.20 per liter effective Tuesday to reflect the downward movement of world oil prices.
Prices will go down by P1.20 per liter of kerosene, P0.95 per liter of diesel and P0.80 per liter of gasoline as a result.
Petron, Pilipinas Shell Petroleum Corp., Seaoil Philippines, Phoenix Petroleum Philippines, PTT Philippines and Flying V announced the price cuts and the other companies are expected to follow suit.
Oil prices have been going down as US crude oil and gasoline inventories continue to surge despite the production cuts by the members and non-members of the Organization of Petroleum Exporting Countries.
Opec met late last month and approved the extension of its production cuts for another nine months to support oil prices amid the supply glut.
The Philippines imports over 90 percent of its fuels while pump prices are adjusted weekly to reflect the price movements abroad.