Big oil price rollback

Adhering to less frequent price adjustments at the pumps, small oil player Unioil Petroleum Philippines Inc. implemented Monday a onetime and big-time rollback of P4.75 per liter for gasoline and P3.50 per liter for diesel.

The new price cuts took effect at 2:01 p.m. Monday, Unioil said in an announcement.

Also Monday, Unioil also reduced its price of kerosene by P1.50 per liter.

All product cost reductions are already inclusive of value added taxes (VAT), the oil firm said in its advisory to the media.

While Unioil’s competitors in the downstream oil industry have been adjusting their prices at once or twice-a-week frequency, it was observed that the company did not go along with the price rollbacks or increases in some weeks.

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