Oil firms cut pump prices

MANILA, Philippines - Oil companies yesterday announced a price rollback effective midnight last night.

In separate advisories, the oil firms said they would cut pump prices by 85 centavos per liter for diesel and 55 centavos per liter for gasoline.

Pilipinas Shell Petroleum Corp. was the first to issue an announcement followed by Petron Corp., the country’s biggest oil refiner, and Chevron, owner of the Caltex brand.

Independent oil players Eastern Petroleum, Phoenix Petroleum and PTT Philippines, the local subsidiary of Thailand’s biggest oil company, issued similar announcements.

“Petron Corp. will implement the following price rollbacks effective 12:01 a.m. on March 17: P0.85 per liter for Turbo Diesel and DieselMax, P0.55 per liter for Blaze 100 Euro 4, XCS, Xtra Advance and Super Xtra and P1.10 per liter for kerosene. These reflect movements in the international oil market,” Petron Corp. said.

“We are pleased to announce that Eastern Petroleum will rollback the price of petroleum products effective 12:01 a.m., Tuesday, March 17, as follows: diesel P0.85 per liter and gasoline P0.50 per liter,” Fernando Martinez, Eastern Petroleum president said.

Phoenix Petroleum Philippines issued a similar announcement.