Oil firms slash prices again

MANILA, Philippines — Local oil companies are reducing the prices of their products effective on Aug. 6 for the second straight week in a row due to declining demand in China and the expected supply boost in the global market.

In separate advisories on Monday, Shell Pilipinas, Jetti, Seaoil, Caltex, Petro Gazz and Cleanfuel said the prices per liter of diesel and kerosene would go down by 20 centavos and 45 centavos, respectively. This marked the fourth consecutive week of price rollbacks in both oil products.

Gasoline, on the other hand, will be cheaper by 10 centavos per liter. Two weeks ago, its price went up by the same amount.

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