Friday, August 22, 2008
Oil prices cut by P1 per liter (6 p.m.)
MANILA -- Independent oil firms imposed a fresh round of rollback on pump prices as the price of world petroleum products stabilize.
Petron Corporation, Chevron Philippines and Pilipinas Shell together with Seaoil, Uniol, Eastern Petroleum have announced cutting the retail price of their gasoline, diesel and kerosene by P1 effective Saturday.
According to the oil giants, the reduction in the pump prices of gasoline, diesel and kerosene "reflects the continued softening of the prices in the international market."
Latest monitoring conducted by the Energy department showed that prices of Dubai crude as of August 22 was placed at US$ 113.27 per barrel, lower than the US$ 131.37 per barrel average for the month of July.
MOPS for unleaded gasoline for this month, on the other hand, was placed at US$ 115.46 per barrel, or nearly US$ 20 lower than the July average of US$ 135.27 and US$ 25 below the June average of US$ 140.30 per barrel.
As of August 15, prices of unleaded gasoline stands at P55.70 per liter to P57.15 per liter; kerosene around P59.00 to P60.41 per liter, and diesel at P54.30 to P56.85.
With the P1 per liter reduction, the prices of the three petroleum products are expected to further drop.
Early this week, Fernando Martinez, president of Eastern Petroleum, announced the possibility of rolling back the prices of petroleum products.
However, he clarified that they cannot impose the one time P3 to P4 per liter rollback being demanded by the transport sector. (Marie S. Neri/Sunnex) |
