Oil companies implement substantial price rollback

MANILA, Philippines – Four local oil firms, including the country’s three biggest, rolled back prices of their diesel products by P5 per liter, and gasoline and kerosene products by P2 per liter early Thursday morning.

An independent oil firm, however, still managed to beat its bigger competitors to the draw as it announced a bigger P6 price cut on its diesel prices.

In a text message sent to reporters, Lea Flor, corporate communications officer of UniOil Petroleum Philippines Inc., said that aside from their P6 per liter diesel price reduction, they would also slash the prices of their premium and unleaded gasoline by P2.50 per liter.

The UniOil official said that the price adjustment would take effect Thursday noon.

Hours before UniOil’s announcement, Pilipinas Shell vice president for communications Roberto Kanapi said in an interview on radio dzBB that the price cut on their pump prices took effect 7 a.m. Thursday.

Shortly after Shell’s announcement, Petron followed suit by matching Shell’s rollback rates and schedule, a separate dzBB report said.

For his part, Chevron Philippines ’ corporate communications manager Antonio Nebrida told GMANews.TV that their P5 per liter reduction on diesel and P2 per liter reduction on gasoline and kerosene took effect 7 a.m. Thursday as well.

Meanwhile, Eastern Petroleum likewise announced it will slash its diesel prices by P5 per liter and its gasoline and kerosene prices by P2 per liter. The rollback will be effective 12 noon Thursday.

For its part, independent player Seaoil said it implemented another diesel price reduction by P2 per liter, bringing to P4 its total diesel price cut for Thursday.

In a text message sent to GMANews.TV, Seoail president Glenn Yu said the second P2 per liter price cut on diesel took effect 8 a.m. Thursday. Its first installment took effect 12:01 a.m. Thursday.

Seaoil’s 12:01 a.m. Thursday rollback also included a P2 price reduction on gasoline and kerosene.

As of posting time, other oil firms have yet to announce if they will implement a rollback on their pump prices.

For the month of October, Shell, Petron, Chevron, and Eastern Petroleum have reduced their diesel prices by P8 per liter and their gasoline and kerosene prices per P5 per liter.

For its part, Seaoil has reduced its diesel prices by P9 per liter and gasoline and kerosene prices by P5 per liter for the month of October.

Seaoil has 138 pumping stations across the country, 39 of which are in Metro Manila, while UniOil has around 40 stations in Luzon .

The oil firms’ price reductions were implemented amid transport groups’ call for a substantial price cut and commuters groups’ clamor for a fare rollback.

– Mark Merueñas, Sophia Dedace, GMANews.TV

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