Oil firms to reduce pump prices by P0.50/L

MANILA, Philippines – Oil firms on Monday announced rollbacks in the pump prices of their petroleum products by P0.50 per liter effective Tuesday.

Chevron Philippines, through corporate communications manager Tony Nebrida, will be the first to implement the rollback in prices on Tuesday. It will implement the price reduction (Value-Added Tax included) on its Gold, Gold E10, Silver, Silver E10, regular gasoline, diesel, and kerosene products at 12:01 a.m.

Nebrida said the reduction in prices is due “to further lowering of MOPS [Mean of Platts] prices.”

Petron Corp., Seaoil Philippines and Eastern Petroleum, in separate announcements, said their respective price rollbacks for their gasoline, diesel and kerosene products will be implemented 6 a.m. Tuesday.

Petron said that with the latest price adjustment, premium gasoline went down to P2.75 per liter, while diesel, kerosene and regular gasoline were rolled back by P2.50 per liter in the past nine days.

Phoenix Petroleum, meanwhile said it will implement its price adjustments for both its gasoline and diesel products 10 a.m. Tuesday.

It said the latest price adjustment will “reflect the continued decline in the prices of petroleum products in the international market.”

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