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Friday, August 01, 2008
Oil firms cut gasoline price
MANILA -- Following the continued downtrend in the prices of fuel in the international market, oil companies on Thursday announced that they will roll back the price of gasoline by P1.50 per liter.
Petron Corporation, Unioil Philippines, and Eastern Petroleum said the rollback on the price of gasoline by P1.50 per liter is in accordance with the improvement in the world market.
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"Unioil has decided to roll back the price of gasoline due to the decline in the prices in the international market. The rollback will be effective starting at 2 p.m. today (Thursday)," said Unioil general manager Medina Cue.
Cue said they had been watching developments in the international market especially the prices of crude oil and oil finish products in recent days.
"Our data showed that there has been a significant decline in finish product prices this month compared to June that is why we decided to roll back our pump prices," he added.
Virginia Ruivivar, public affairs manager of Petron Corporation, said they are only following the market forces.
Aside from gasoline, Eastern and Unioil similarly implemented a P1.50 per liter cut in the price of their kerosene.
On the other hand, prices of diesel and liquefied petroleum gas (LPG) remain unchanged.
Other oil firms such as Chevron Philippines (formerly Caltex), Flying V, and Seaoil Philippines will also impose a rollback on the price of their gasoline by P1.50 per liter.
In a statement, Caltex said the P1.50 per liter rollback will cover their gold, silver, and regular gasoline. It said the rollback will take effect at 12:01 a.m. Friday.
Flying V and Seaoil, on the other hand, said their rollback will take effect at 10 p.m. Thursday.
Energy Secretary Angelo Reyes is optimistic that the continued drop in the prices of crude in the world market will also push down the pump prices of petroleum products in the country.
"We are seeing a softening in the world crude prices and barrels of imported oil and crude prices for the past seven to 10 days already. Right now the prices of imported landed gasoline and diesel are lower than the pump prices and this is a welcome development. And if the trend continues there will be some pressure for gasoline and diesel prices to come down," Reyes said.
Oil companies last week suspended the implementation of price adjustment in their petroleum products after the prices in the world market dropped.
Latest monitoring conducted by the Department of Energy indicated that Mean of Platts Singapore (Mops) for unleaded gasoline as of July 31 was placed at US$135.77 per barrel per day lower than the US$140.30 per barrel in June.
Retail prices of unleaded gasoline was placed at P59.95 to P61.76 per liter; kerosene at P59.20 to P60.46; and diesel at P55.98 to P59 per liter. (MSN/Sunnex)
For more Philippine news, visit Sun.Star Cagayan de Oro. (August 1, 2008 issue)
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