Oil firms to roll back pump prices
By Amy R. Remo, Abigail Kwok
INQUIRER.net, Philippine Daily Inquirer
First Posted 19:09:00 01/24/2010
Filed Under: Oil & Gas - Upstream activities
MANILA, Philippines – (UPDATE 3) Pilipinas Shell Petroleum Corp., Petron Corp., Flying V Philippines and Eastern Petroleum Corp. slashed the prices of their diesel and kerosene by P1 a liter and of gasoline by 50 centavos a liter effective, on Monday.
Shell said the rollback reflected a decline in the prices of petroleum products in the international market.
At 12:01 a.m., Shell will implement the following roll backs: P1 per liter for diesel and kerosene, P0.50 per liter for unleaded and premium gasoline, and P0.25 per liter for its V-Power product, said Vice President for Communications Roberto Kanapi.
Meanwhile, Petron Corp. will implement the following price adjustments at 12 p.m. Monday: P1 per liter for diesel and kerosene, P0.50 per liter for regular and premium gasoline, and P0.25 per liter for its Blaze product.
Phoenix Petroleum Philippines Inc. also announced a P1-a-liter rollback for its diesel products and 50-centavo-a-liter cut for its gasoline.
Chevron Phil. Inc. will also reduce the prices of diesel and kerosene by P1 per liter, regular and premium gasoline by P0.50 per liter effective 12:01 a.m. Monday, said communications manager Toby Nebrida.
According to the oil monitor report of the Department of Energy, the month-to-date average of Asian Dubai crude actually rose by about $4 a barrel as of Jan. 19, compared to the average in December.
As of Jan. 19, prices of gasoline and diesel based on the Mean of Platts Singapore benchmark for refined petroleum products also rose by $7 and $6 a barrel, respectively.