Oil firms implement another big-time price rollback

November 12, 2018

BIG and small oil companies announced another big-time cut in their fuel prices, marking the companies’ fifth consecutive week of price rollback.

Pilipinas Shell, Petron Corporation and Chevron Philippines bared that they would reduce their respective pump prices by uniform amounts, specifically P2.30 per liter on gasoline, P2 per liter on diesel and P1.85 per liter on kerosene, effective today at 6 a.m.

Earlier, independent oil player Phoenix Petroleum announced that it would cut prices of its gasoline by P2.50 per liter and diesel by P2, also at 6 a.m. today.

Meanwhile, other independent oil companies Eastern Petroleum, Seaoil, Flying V, Jetti Oil, Unioil Philippines, Re-Phil Petroleum and Petro Gazzalso announced their price rollback at the same level today.

Other petroleum companies have yet to announce an adjustment as of press time, although Energy said it would follow suit with similar rollbacks today.

Sources said domestic pump prices continue to fall as a result of the effects of weak global demand for petroleum.