Shell to slash pump prices by P1/liter Thursday

MANILA, Philippines – Following the continuing downturn of oil prices in the Asian market, Pilipinas Shell on Wednesday announced that it will roll back its pump prices by P1 per liter on Thursday. In a text message to reporters, Shell vice president for communications Roberto Kanapi said the reduction on gasoline, diesel, and kerosene prices will take effect 12:01 a.m. Thursday. “We are pleased to advice that Shell will roll back prices of gasoline, diesel, and kerosene by P1/L effective 12:01, 20th November," Kanapi said. On Wednesday, oil prices in Asia plunged to a 22-month low as investors paused to examine the extent of global economic weakness, which has sent crude down more than 60 percent in four months. - Sophia Dedace, GMANews.TV