Friday, September 05, 2008 'Big 3' to cut oil prices
OIL giants Petron Corporation, Pilipinas Shell and Chevron Philippines said they are rolling back the prices of their petroleum products effective Saturday.
The three oil firms said the reduction in the prices of their gasoline, kerosene and diesel by P1 per liter would take effect 12:01 a.m. of Saturday.
Earlier, various transport groups went out on the streets and urged motorists to boycott the oil giants to pressure them to impose the P1 per liter rollback.
As early as Tuesday, independent oil players slashed their prices by P1 per liter.
As of September 4, average price of Dubai crude dropped to US$105.30 per barrel from the US$112.86 per barrel average in August.
MOPS for unleaded gasoline also went down to US$111.43 for this month, lower than the US$115.49 average recorded in August and the US$135.27 per barrel during the month of July.
While MOPS for diesel also dropped, it is still higher as compared to gasoline.
As of September 3, average price of diesel per barrel was placed at US$126.96 per barrel as against the US$135.26 per barrel average of August and the US$168.01 per barrel for the month of July.
Since August, the prices of gasoline and diesel have been rolled back by P6.50 and P4.50 per liter, respectively.
But transport groups claimed that there should be more rollback since they expect the rollback to be around P9 per liter for both products.
With the rollback, the prices of unleaded gasoline now range between P53 to P55 per liter; kerosene at P56 to P59.80; and diesel at P52 to P54.09 per liter. (MSN/Sunnex)
