Oil firms roll back pump prices

MANILA, Philippines - Shell, Petron, Chevron (formerly Caltex Philippines), Seaoil, and Eastern Petroleum announced last night a rollback in the prices of their fuel products effective today.

Except for Eastern Petroleum, the oil firms said they would reduce the prices of diesel by P1.75 per liter, unleaded gasoline by 50 centavos, regular gas by P1.25 per liter, and kerosene by P2.

Eastern Petroleum Corp. Chairman Fernando Martinez said his company might not carry out the same level of price reductions, noting that other companies increased their gas prices by 80 centavos per liter and diesel and regular gas by 25 centavos during the Holy Week.

Officials said the latest rollback reflected the price of crude in the world market.