4 independent oil firms cut prices (3:44 p.m.)
INDEPENDENT oil players were forced to match the rollback implemented by oil giants on Thursday after prices of crude in the world market hit US$ 78 per barrel.
Flying V, Seaoil Philippines, PTT Philippines as well as Eastern Petroleum cut the prices of their gasoline, diesel and kerosene by P1 per liter at 8 a.m. Friday after Petron Corporation and Pilipinas Shell Petroleum Corporation (PSPC) adjusted it prices as early as 6 a.m. of Thursday.
Ramon Villavicencio, chairman of Flying V said they have no choice but to implement the same rollback as “market competition” dictates.
“We have no choice but to implement a rollback as well,” he said. (MSN/Sunnex)
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