MANILA -- Oil firms announced to cut fuel prices on Monday, reducing pump prices for four consecutive weeks.
Most of the oil companies will rollback gasoline prices by PHP1 per liter, PHP0.90 per liter on diesel, and PHP0.65 per liter on kerosene.
Other firms, on the other hand, will cut prices of gasoline by PHP1.10 per liter and PHP1 per liter on diesel.
Brent crude on Friday closed at USD72.62 per barrel, lower by USD0.13 from the previous closing of USD72.75 per barrel.
Industry sources projected weaker global demand due to uncertainties in the business environment brought by the trade war and stronger dollar that affected most currencies of emerging markets. (PNA)
