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Friday, August 08, 2008
Oil firms cut gasoline price anew
MANILA -- Oil companies on Thursday reduced again the price of their gasoline as prices in the international market continue to drop.
Seaoil Philippines and Unioil Petroleum Philippines, Inc. took the lead in slashing by P1 per liter the price of gasoline at 2 p.m. Thursday.
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Rey Jimenez, Seaoil's corporate communications officer, said the rollback is to "reflect the downward movement of international gasoline price."
Unioil general manager Chito Medina-Cue Jr., for his part, said the price reduction will be effective at 2 p.m. Thursday in all the company's outlets and retail stations nationwide.
"P1 per liter will be deducted from all gasoline products of Unioil such as Unioil Quantum, Unleaded and Regular Gasoline," Cue said.
"What is our basis? It is because of the decrease in the world market prices of fuels, that is why we are giving it back to the people," he added.
Cue explained that Unioil wants to give back to their consumers and the public in general a fair price of gasoline products they sold.
Oil giants Petron Corporation and Chevron Philippines also imposed rollback on the price of their gasoline by P1 per liter effective 12:01 a.m. Friday.
They are also slashing the price of their kerosene by P0.50 per liter.
Another oil giant Pilipinas Shell and other oil players are expected to do the same.
On Wednesday, oil prices in Asia further went down to US$118 per barrel as investors waited weekly oil and gasoline inventory data for further evidence of declining crude demand in the US.
Monitoring conducted by the Department of Energy indicated that Dubai crude as of August 7 dropped to US$119.12 per barrel from US$131.27 in July. MOPS for unleaded gasoline also declined to US$120 per barrel as of August 7 from US$135.27 last month.
As of August 1, current retail price per liter of gasoline ranged between P58.45 per liter to P60.26; kerosene at P59.30 to P61.26; diesel at P55.80 to P58.50; and LPG or liquefied petroleum gas at P631 to P689.50. (MSN/Sunnex)
For more Philippine news, visit Sun.Star Davao. (August 8, 2008 issue)
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