MANILA, Philippines — Local oil firms slashed pump prices just a week after jacking up prices in the wake of the drone and missile attacks on Saudi Arabian oil facilities. The oil companies also lowered the prices of diesel by 60 centavos per liter, following last week’s hike of P1.80 per liter. Phoenix Petroleum reduced prices of gasoline by P1.55 per liter and of diesel by 50 centavos per liter. So far this year, prices of diesel have gone up by a total of P7.44 per liter, including the P2.24 per liter additional excise tax that took effect last Jan. 1. Also, prices of gasoline have gone up by a total of P8.64 per liter, also including the P2.24 per liter increase in the excise tax.

Source: Philippine Daily Inquirer September 30, 2019 20:15 UTC