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Saturday, August 30, 2008
Oil firms to slash prices by P1 per liter
MANILA -- Another rollback on the prices of petroleum products will be implemented on Saturday.
Raffy Ledesma of Petron Corporation announced that they will reduce the pump prices of their gasoline, kerosene, and diesel by P1 per liter effective 12:01 a.m. Saturday.
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He said the reduction "reflects the continued softening in international oil prices."
This is also the fifth price rollback they have implemented for the month of August, added Ledesma.
Independent oil player Seaoil Philippines was the first to announce the cut in the prices of its oil products by P1 per liter.
Pilipinas Shell, Chevron Philippines and other oil companies are also expected to impose the same reduction.
Last Thursday, Energy Secretary Angelo Reyes said they are expecting more reductions in the domestic pump prices of petroleum products.
"Our computation shows that we could expect some more reductions," Reyes said.
The transport sector earlier said that oil firms need to roll back at least P3 to P4 per liter more in the prices of petroleum products.
As of Thursday, the price of Dubai crude was placed at US$113.06 per barrel, lower than the US$131.27 per barrel average for the month of July.
MOPS for unleaded gasoline for this month, on the other hand, was placed at US$115.46 per barrel, or nearly US$20 lower than the July average of US$135.27 and US$25 below the June average of US$140.30 per barrel. (MSN/Sunnex) For more Philippine news, visit Sun.Star Cagayan de Oro. (August 30, 2008 issue)
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