Oil firms roll back gasoline prices by 80¢/liter

MANILA, Philippines - Three major oil companies announced a rollback in the pump prices of premium and unleaded gasoline by 80 centavos per liter effective today.

Pilipinas Shell Petroleum Corp., Chevron Philippines Inc. (formerly Caltex) and SeaOil Petroleum Corp. said the reason for the price adjustment was “to reflect price movements in the international petroleum market.”

The three oil players also reduced prices of regular gasoline by 70 centavos per liter, kerosene by P1.15 and P1.50 per liter for diesel.

The Department of Energy (DOE) had earlier announced a possible oil price rollback following the reduction in the prices of international crude and finished products.

Energy Undersecretary Jose Layug was quoted as predicting a P1 per liter reduction in gasoline prices.

Last week, Pilipinas Shell slashed the price of unleaded gasoline by P1.20 per liter, and by 80 centavos per liter for regular gasoline. But the oil firm increased the price of diesel by 45 centavos per liter and kerosene by 15 centavos per liter.

Petron Corp. reduced prices of premium gasoline by P1.50 per liter, 80 centavos per liter for regular gasoline, but increased the price of diesel by 20 centavos per liter.

Chevron and SeaOil reduced prices of premium gasoline by P1.50 per liter and by 80 centavos per liter for regular gasoline. Diesel prices were increased, however, by 20 centavos per liter.

While it welcomed the P1.50 and 80-centavo rollback in the prices of diesel and unleaded gasoline, respectively, the militant transport group Pagkakaisa ng Samahan ng mga Tsuper at Opereytor Nationwide (PISTON) said the oil price rollback was not enough for public utility jeepney drivers and operators amid the P3.35 total hike in diesel prices imposed by oil companies in a one-month period.

PISTON national president George San Mateo said that oil companies hiked the pump price of diesel by P1 on Oct. 24, 25 centavos on Nov. 6, P1.90 on Nov. 14, and another 20 centavos on Nov. 21.

In the same period, San Mateo noted that gasoline prices went up by 65 centavos and had a total rollback of P3.50.

The group had earlier filed a petition for a P1.50 fare hike before the Land Transportation Franchising and Regulatory Board (LTFRB).

San Mateo stressed that the rollback will again paint a false picture of a “reasonable” pricing of diesel and gasoline when there was actually an overprice despite the P1.50 rollback for diesel.– With Rainier Allan Ronda