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Friday, September 12, 2008
Oil firms impose big price rollback
MANILA -- Major oil players on Thursday took the lead in rolling back the prices of petroleum products after a drop in international prices of fuel.
Petron Corporation, Pilipinas Shell, and Chevron Philippines said they are reducing the pump prices of gasoline, diesel, and kerosene by P2 per liter effective 12:01 a.m. of Friday.
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Independent oil players Seaoil Philippines and Unioil Petroleum Philippines Inc. also announced they will cut the prices of their fuel products.
According to Seaoil, it will slash the prices of its gasoline, diesel, and kerosene by P2 per liter.
However, Unioil said it will implement a P3 per liter price cut for gasoline and P2 per liter for diesel effective 10 p.m. of Thursday.
As of September 6, the price of unleaded gasoline was pegged at P52 to P54 per liter; with the price reduction, it will go down to P50 to P52 per liter.
Diesel's current price ranged between P50 to P53 per liter and with the rollback, it will range between P48 and 51 per liter.
Oil companies said this is the seventh time that they have imposed a price rollback.
Monitoring conducted by the Department of Energy (DOE) showed that as of September 11, average price for Dubai crude was at US$102 per barrel lower by US$10 from the August average of US$112 per barrel.
MOPS for unleaded gasoline for this month was placed at US$109 per barrel from the US$115 per barrel price last month, while MOPS for diesel was pegged at US$124 per barrel for September from the US$135 per barrel average for the month of August.
The DOE said the consumers will likely feel the domestic price reduction next month.
But it stressed that international fuel prices are feared to surge up again after the oil cartel Organization of Petroleum Exporting Countries (Opec) decided to cut its production by 520,000 barrels a day to arrest the impact of rapid decline in oil prices in recent weeks due to oversupply and lowering demand. (MSN/Sunnex)
For more Philippine news, visit Sun.Star Cagayan de Oro. (September 12, 2008 issue)
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