The latest news stories from the major news organizations in Cebu and Manila in the Philippines, the US and other countries.

Sunday, March 1, 2009

March 2, 2009 Major News Stories

PTT also slashed the prices of their gasoline by P0.50 a liter but reduced only its diesel price by P1 per liter.

Petron and Shell also cut liquefied petroleum gas (LPG) prices by P2 per kilogram, or P22 per 11-kg LPG cylinder.

Shell, Chevron, and PTT's price adjustment took effect at 12:01 a.m., while Petron's adjustment will take effect 6 a.m. The cutback is brought by the downward trend in world oil prices.

The decrease in LPG prices reflected an anticipated decline in the international contract price of the gas. Arnel Ty, head of the LPG Marketers Association, said earlier they expected contract prices to go down by an estimated $68 per metric ton.

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