MANILA, Philippines – With the continued drop in world oil prices continue to drop, four oil companies announced a price rollback for their petroleum products on Wednesday.
The price reductions will take place Thursday.
The four oil companies – Eastern Petroleum, Petron Corporation, Pilipinas Shell Petroleum Corporation and PTT Philippines – said they will reduced the price of their gasoline, kerosene and diesel by P1 per liter.
Petron, announced it will also roll back oil prices for its liquefied petroleum gas (LPG) rates by P2 per kilogram.
Petron, Eastern Petroleum and Shell said the price rollback will take effect 12:01 am of Nov. 20 while PTT said it will impose the rollback 6 a.m. of Thursday.
Peso affects rollback
Fernando Martinez, president of Eastern Petroleum and head of the Independent Philippine petroleum Companies Association (IPPCA) said the decline in the prices of crude in the international market is seen to reflect in “an across the board P1 per liter rollback”.
“We have to give this rollback,” Martinez said in a telephone interview adding that the P1 price cut this weekend will bring to P8 the total rollback implmented by the oil firms for this week.
“If no one will roll back (their prices), I will definitely implement the rollback,” Martinez added.
He also noted that had it not been for the peso depreciation, the rollback could have even be higher at P5 per liter.
“Pero wala na tayo magagawa kasi kinain na yun ng peso depreciation,” Martinez explained.
Energy Secretary Angelo Reyes said the continued drop in the world oil prices should also result in the decline in the domestic prices and this should also cover until next month.
Monitoring conducted by the Department of Energy indicated that as of Nov. 17, 2008, the average Dubai crude, dropped to US$ 54 per barrel from October average of US$ 67.
Unleaded gasoline based on Mean of Platts Singapore, price gauge of oil importers, also went down to US$ 54 per barrel as against the US$ 80 per barrel average price last month.
MOPS for diesel prices similarly dropped to US$ 78 per barrel in Nov. 17 from US$ 89 last month. – GMANews.TV