3 oil firms cut fuel prices

The week has started on a good note for motorists as oil firms have reduced pump prices to reflect the downtrend in the price of fuel in international markets.

Pilipinas Shell reduced the price of its gasoline products by 50 centavos per liter and its diesel and kerosene products by 75 centavos per liter. The move was followed by Petron Corp. and Seaoil Philippines.

"This is to reflect movements in the international markets," Shell vice president for communications Bobby Kanapi was quoted saying in GMANews.TV.

Other oil firms have yet to announce a similar rollback.

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