MAJOR and independent oil firms rolled back the prices of its petroleum products yesterday, Tuesday.
Pilipinas Shell Petroleum Corp. (PSPC), Petron Corp., Chevron Philippines as well as Seaoil Philippines slashed the pump prices of its premium gasoline, diesel, and kerosene by 25 centavos per liter.
But it increased the prices of its regular gasoline by 25 centavos per liter as well.
According to the oil companies, the price movements on fuel products were due to international prices movement in the international market.
Aside from diesel, kerosene and premium gasoline, Shell and Petron also cut the prices of their liquefied petroleum gas (LPG) by P1 per liter.
This would mean that LPG being sold by both Shell and Petron will be reduced by P11 per kilogram for an 11 kg cylinder tank of LPG.
The LPG Marketers Association (LPGMA) also announced that it will cut prices of their LPG products by 50 centavos per kg.
The price adjustment, according to Arnel Ty of LPGMA was basically because of the lower prices in the world market.
Other oil firms are also expected to implement the same price adjustment in their fuel products. (MSN/Sunnex)