Oil firms cut pump prices

MANILA, Philippines - Oil companies announced yesterday measly cuts in pump prices by 50 to 75 centavos per liter.

Pilipinas Shell Petroleum Corp. rolled back the prices of its gasoline and kerosene products by 75 centavos per liter and diesel by 50 centavos as international oil prices continued to drop.

Petron Corp., Chevron (formerly Caltex) and Seaoil also announced similar price cuts.

Roberto Kanapi, Shell spokesman, said they rolled back their prices in response to the $3 per barrel decrease in the costs of unleaded gasoline and diesel at the Mean of Platts Singapore (MOPS), the pricing benchmark used by oil importers.

Unleaded gasoline prices at MOPS declined to $71.31 per barrel for the week Sept. 28 to Oct. 2 compared to $74.35 per barrel last Sept. 21-25.

Oil companies are adjusting their prices on a weekly basis to reflect what they claim is the true price of petroleum products based on international oil price movements.

Price of diesel at MOPS also dropped to $72.79 per barrel in Sept. 28 to Oct. 2 period as against Sept. 21-25 level of $74.40 per barrel.

Meanwhile, Petron public affairs manager Virginia Ruivivar said they would follow any directive from the government regarding price control on liquefied petroleum gas (LPG) or cooking gas.

“In the case of LPG, we’ve already stated that we will cooperate with government in their efforts to help our countrymen,” she said,

Last week, Shell, one of the country’s biggest suppliers of cooking gas, said it would not adjust prices even though LPG contract prices abroad have risen by $3 per metric tons which is equivalent to 20 centavos per kilo.

Energy Secretary Angelo Reyes was unavailable for comment.     – Donnabelle Gatdula