News: (2nd UPDATE) Several oil firms announce cuts in pump prices

Several oil firms announced on Sunday price cuts in its petroleum products set to be implemented Monday.

Pilipinas Shell Petroleum Corp. spokesman Roberto Kanapi, in a text message, said that the oil company will implement a P1 per liter cut in its diesel and kerosene products.

Kanapi also said that Shell will also cut P0.50 per liter in the pump prices of its gasoline products and also cut P2 per kilogram in its liquefied petroleum gas (LPG) products.

PTT Philippines also announced a P1 per liter cut in diesel prices and P0.50 per liter cut in its gasoline products.

Seaoil Philippines likewise announced reduction in pump prices of its kerosene products by P1 per liter and gasoline products by P0.50 per liter.

Pilipinas Shell, PTT and Seoil said their respective prices cuts will take effect 12:01 am Monday, March 2.

Petron Corp. and Total Philippines Corporation meanwhile followed suit announcing Sunday cuts in the pump prices of its oil products.

Petron said the pump prices of diesel and kerosene will be reduced by P1 per liter, P0.50 per liter gasoline and P2 per kilogram for its LPG products.

Total announced the same price cuts as Petron.

Petron and Total said its respective price cuts are set to be implemented 6 a.m. Monday.

Petron said the announced price cuts are set to “reflect international prices.”