Oil firms implement big rollbacks in pump prices

Manila, Philippines -  Major oil player Petron Corp. and independent oil firms Total Philippines Corp., Seaoil Philippines Inc. and Phoenix Petroleum Corp. have implemented big rollbacks in the prices of petroleum products.

The four oil firms slashed prices of premium gasoline by P2.05 per liter and regular gasoline by P2.50 per liter.

They also rolled back diesel price by P1.90 per liter and kerosene by P2.10 per liter.

“This is to reflect the reduction in international fuel prices,” Petron said.

This is the 10th consecutive weekly price rollback.

Shell, Filoil and Unioil Petroleum Philippines Inc. had earlier announced P1.50 to P2 per liter price rollbacks.

But Petron, Seaoil, Total and Phoenix Petroleum brought down fuel prices by another 40-50 centavos per liter following oil price reduction in the world market.

“Oil prices continue to go down due to the weak economy of the US and China that are the prime movers of oil prices,” Energy Undersecretary Jose Layug Jr. said.

There have been 10 price increases and 13 price rollbacks recorded by the Department of Energy since the start of the year.

As of June 4, net increase was P1.13 per liter for gasoline, while net decrease for diesel was P1.36 per liter since the start of the year, DOE data showed.