Thursday, September 18, 2008 Small oil players impose price rollback
INDEPENDENT oil players initiated Wednesday another rollback on the prices of petroleum products.
Eastern Petroleum and Seaoil Philippines said the P0.50 per liter price cut will cover all their petroleum products such as gasoline, diesel, and kerosene.
"The rollback will take effect 6 a.m. of Wednesday," said Rey Jimenez, Seaoil's corporate communications officer.
Fernando Martinez, president of Eastern Petroleum, meantime hinted that another price rollback would likely take place this weekend if the prices of crude in the world market will continue to go down.
Last Tuesday, the prices of crude in the world market further plunged to US$92 per barrel.
Martinez, however, refused to give the possible amount of the new rollback.
Oil giant Pilipinas Shell earlier announced that they may implement a reduction in the prices of their products this weekend.
However, Shell spokesman Roberto Kanapi stressed that they would have to assess and compute first the exact amount of reduction that they may impose.
Aside from Eastern Petroleum and Seaoil, Flying V, and Unioil will also implement price rollback this weekend.
Chevron Philippines and Petron Corporation are expected to follow soon.
As of September 16, Dubai crude was placed at US$100.12 per barrel or US$10 lower than the August average of US$112 per barrel.
Mean of Platts for Singapore (MOPS) for Asian gasoline was pegged at US$108 per barrel while MOPS for diesel was placed at US$122 per barrel. (MSN/Sunnex)
