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MANILA, Philippines - Oil companies on Sunday rolled back prices at the pump after the cost of petroleum products in the international market fell.
The price of premium gasoline was reduced by P1 a liter, while that of diesel, regular gasoline and kerosene were reduced by P0.80, P0.70, and P0.90, respectively.
The reduction came a day after Petron Corp., Pilipinas Shell Petroleum Corp., Seaoil Philippines Inc., Chevron (formerly Caltex) Philippines Inc. and Total Philippines Corp. separately sent text messages announcing the price cuts.
The rollback was the second in weeks.
Talks between Iran and the West over Tehran's disputed nuclear program had tempered worries about a possible supply disruption.
Based on the Department of Energy oil monitoring, world prices were also retreated after a US report showed slower job growth in March.
Oil firms in the Philippines import nearly all of their products, making them susceptible to price movements in the international market.
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