In the cost adjustment advisories, oil companies announced that the price of diesel will be reduced by P1.85 per liter; while gasoline prices will be down by a relatively marginal P0.40 per liter.
As of this writing, the industry players that already advised on their price cuts include Pilipinas Shell Petroleum Corporation, Cleanfuel, Seaoil and PetroGazz. Their competitor-firms are expected to match the pricing leads. Despite the series of cost cutbacks, oil price adjustments since the start of the year still accrued to net increases of P32.95 per liter for diesel; P18.90 per liter for gasoline; and P28.05 per liter for kerosene products.
As of Monday trading, international benchmark Brent crude held on at $102 per barrel; while Dubai crude was almost at the same level at $102.50 per barrel.
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