BIG and small oil companies announced big-time cut backs in their respective fuel prices, marking the companies’ 5th consecutive week of price rollback.
Pilipinas Shell, Petron Corporation and Chevron Philippines said that they would reduce their respective pump prices by uniform amounts, specifically P2.30 per liter on gasoline, P2.00 per liter on diesel and P1.85 per liter on kerosene, effective today at 6 a.m.
Earlier, independent oil player Phoenix Petroleum announced it would cut gasoline prices by P2.50 per liter and diesel by P2, also at 6 a.m. today.
Meanwhile, other independent oil companies Eastern Petroleum, Seaoil, Flying V, Jetti Oil, Unioil Philippines, Re-Phil Petroleum and Petro Gazzalso announced their price rollbacks at the same level today.
Other petroleum companies have yet to announce an adjustment as of press time, although energy officials said they would follow suit with similar rollbacks today.
Sources said domestic pump prices continue to fall as a result of the effects of weak global demand for petroleum.