MANILA, Philippines — More oil companies have announced pump price reductions of P1 per liter ahead of Christmas. In a text advisory yesterday, PTT Philippines Inc. said it lowered gasoline and diesel prices by P1 per liter effective 6 a.m. yesterday. Other oil firms that announced rollbacks are Seaoil Philippines Inc. and Phoenix Petroleum Philippines Inc.Seaoil’s P1 per liter reduction on gasoline, diesel and kerosene prices took effect at 6 a.m. yesterday. During this week’s trading, international oil prices fell to their lowest since September 2017 on global oversupply concerns, according to Reuters. This week alone, oil prices recorded losses of more than 10 percent.

Source: Philippine Star December 22, 2018 16:00 UTC