RTRS: Oil firms cut pump prices of gasoline, diesel by P1 per liter
By Marie S. Neri
MANILA, Oct. 8 — After failing to implement a rollback on their prices two weeks ago, oil companies are set to reduce the prices of their petroleum products this weekend by P1 per liter.
Petron Corporation, Pilipinas Shell, Chevron Philippines, and Seaoil said they are cutting down the pump prices of their gasoline, diesel and kerosene by P1 per liter.
According to the oil firms, the rollback of P1 per liter will take effect 12 midnight.
Raffy Ledesma, public affairs officer of Petron said that aside from the reduction on their gasoline, diesel and kerosene they are also rolling back the price of their E10 premium by P0.75 per liter.
Independent oil player Unioil Petroleum Philippines meantime said they are adopting a “wait and see” position on whether to impose another price rollback since their prices are lower by P2 per liter than other oil companies.
"Because we are lower by P2.00 in the prices of gasoline and diesel we are patiently waiting for other oil companies to follow and rollback in order to match our pump prices," Chito Medina-Cue, Unioil’s general manager explained.
Meanwhile, Unioil is currently studying the development in the global market and will immediately inform the public if we decide to cut pump prices," he added.
Latest monitoring conducted by the Department of Energy (DoE) indicated that as of October 8, Dubai crude plunged to as low as US$ 82 per barrel from the US$ 95 per barrel average last September.
MOPS for gasoline also dropped to US$ 96 per barrel this month from the US$ 97 per barrel record last month and MOPS for diesel went down to US$ 104 per barrel from US$ 121 per barrel for the month of September.
With the reduction, prices of gasoline are expected to drop between P46 to P49 from the current P47 to P50 per liter and diesel are seen to hit P45 per liter from the current P46 to P49 per liter. (PNA)
DCT/MSN
