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Saturday, August 23, 2008
Oil firms to cut prices by P1 per liter
MANILA -- With the prices of fuel in the world market now steadying, major and independent oil firms in the country announced Friday another rollback on the prices of their petroleum products.
Petron Corporation, Chevron Philippines and Pilipinas Shell, together with Seaoil, Uniol and Eastern Petroleum, said they are cutting the retail prices of their gasoline, diesel, and kerosene by P1 per liter effective Saturday.
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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 the price 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, the price of unleaded gasoline stands at P55.70 per liter to P57.15 per liter; kerosene at P59 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, Eastern Petroleum president Fernando Martinez announced the possibility of rolling back the prices of petroleum products.
He, however, clarified that they cannot impose the one-time P3 to P4 per liter rollback being demanded by the transport sector.
This is the fourth rollback implemented by the oil firms this month. (MSN/Sunnex)For more Philippine news, visit Sun.Star General Santos. (August 23, 2008 issue)
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