Fuel firms roll back prices

Motorists and commuters may get some relief from high fuel prices after at least two oil firms rolled back prices of their products effective Wednesday. Starting 12:01 a.m., Eastern Petroleum and Flying V reduced prices of their diesel, gasoline and kerosene products, radio dzBB reported. Eastern Petroleum rolled back prices of its diesel by 50 centavos per liter, and gasoline by 20 centavos per liter. Flying V rolled back prices of diesel and kerosene by 50 centavos per liter, and gasoline products by 20 centavos per liter. Earlier this week, Energy Undersecretary Zenaida Monsada said world prices of crude oil had been relatively stable this week. Because of this, she said any price adjustment would be very small. The fuel price hikes in past weeks had prompted protests from various groups, with militants staging demonstrations calling for the removal of the value-added tax on fuel products. But Malacañang has so far maintained the VAT is for social projects. — LBG, GMA News