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Oil firms slash prices

  • Written by Jeffrey C. Tiangco
  • Published in Top Stories
  • Read: 164

AN independent oil industry player implemented a price rollback of P.20 per liter in pump prices of the gasoline and P0.15 per liter in kerosene effective today.

Flying V said the rollback in prices of its petroleum products took effect at 12:01 a.m. today.

Independent oil companies Phoenix Petroleum Philippines, the Malaysian founded PTT, and Eastern Petroleum, together with Pilipinas Shell, one of the country's oil giants, implemented the same price rollback of P0.20 per liter only in gasoline which took effect at 6 a.m.

The oil companies said prices of diesel remain the same.

The rollback in gasoline and kerosene was allegedly due to movement of prices on the world market.
    
Petron and Chevron (Caltex) Philippines, the other two oil giants in the country, have yet to announce a rollback of prices as of this writing.
    
Last week, after six consecutive oil price hikes, oil companies implemented an oil price rollback of P0.50 per liter in pump prices of gasoline, P0.40 per liter in diesel and P0.85 per liter in kerosene.