MANILA, Philippines – Independent petroleum player SeaOil initiated another rollback of its pump prices by P2 per liter that took effect early this morning.
The latest cutback in the pump price reflected the continued softening of oil prices in the global market, according to SeaOil spokesman Rey Jimenez.
World price of crude oil has dramatically declined by more than 50 percent since July’s record highs that reached as much as $147 per barrel on growing concerns that demand will be hit by the global financial crisis.
Domestic prices of gasoline and other oil products have gone down too.
Small players like SeaOil took the lead in the latest oil price rollback while the so-called “Big 3” oil players – Petron, Pilipinas Shell, and Chevron/Caltex – have yet to announce if they will follow suit. — Donnabelle Gatdula