MANILA,Philippines – Pilipinas Shell, Petron, Chevron, and Seaoil Philippines yesterday led a price cut on diesel by 25 centavos per liter and kerosene by 75 centavos per liter.
Shell spokesman Roberto Kanapi said the price rollback, effective today, reflected the decline in international oil prices.
Domestic pump prices are expected to drop after an issuance of an executive order lowering the tariff on imported petroleum products from the ASEAN region.
The Department of Energy (DOE) estimated the EO 850 to result in a 70-centavo per liter reduction, but the oil firms have yet to implement the rollback.
Shell said this is just part of the weekly adjustment of prices relative to international oil market trend.
Energy Secretary Angelo Reyes said last week the impact of the EO should have been reflected this week.