Petron announces big rollbacks ahead of ‘Undas’-A A +A
Saturday, October 27, 2012
MANILA -- Giant oil firm Petron Corp. has announced significant price rollbacks ahead of the observance of All Saints Day and All Souls Day next week, traditionally marked by high fuel consumption due to the transit of people to and from the provinces.
In its text advisory Saturday afternoon, Petron Corp. said it would cut prices of premium and unleaded gasoline by P2.15 per liter, regular gasoline by P1.70 per liter and diesel and kerosene by P1.35 per liter.
Petron’s rollback would take effect at 12:01 a.m. Monday, Oct 29.
“This reflects the movements in the international oil market,” the oil firm said in its text advisory.
Early Saturday morning, independent oil player Flying V Philippines jumped the gun on its rival companies by implementing a smaller—yet still sizable—price drop Saturday.
At 12:01 a.m. Saturday, Flying V reduced its prices of unleaded and premium gasoline by P1.50 per liter and diesel by P1 per liter.
Other oil firms have yet to announce a price adjustment as of press time, although they are expected to follow.
Dept. of Energy Undersecretary Jose Layug Jr. himself noted that the international market price of petroleum products plunged during last week’s trading, particularly from October 22 to 25.
During that span, international prices of gasoline and diesel dropped by an equivalent P2.30 per liter and P1.40 per liter, respectively.
The majority of oil firms are actually coming off a wave of price cuts, which they implemented only last Tuesday.
The previous rollback amounted to P0.90 per liter on unleaded and premium, P0.40 per liter on regular, P0.35 per liter on diesel and P0.25 per liter on kerosene.
As of yesterday, the average price of fuel products in Metro Manila stood at the following levels: premium (including unleaded), P55 per liter; diesel, P43 per liter and kerosene, P54 per liter.
Layug dispelled assertions that oil companies are always looking to jack up prices in the days leading to All Saints Day and All Souls Day in order to maximize their profit.
“What we have monitored the past couple of years is that there is a decrease on pump before (Undas),” he said. (PNA)