Oil firms implement hefty price rollback
May 14, 2012 (Menafn - The Manila Times - McClatchy-Tribune Information Services via COMTEX) --OWING largely to the continued decline in global benchmarks, oil giants Petron Corp., Pilipinas Shell Petroleum Corp. and small player Eastern Petroleum Corp. on Sunday announced a rollback in the prices of their products.
In an advisory, Petron said that it will implement price cuts of up to P1.70 per liter for Blaze 100, XCS, and Xtra gasoline; and P1.60 per liter for its Pinoy, regular gasoline and DieselMax effective 12:01 a.m. today.
Petron will also slash the pump prices of kerosene by P1.50 per liter.
Meanwhile, Shell said that it will impose cuts on the prices of its FuelSave Unleaded, Super Premium and VPower Gasoline by P1.70 per liter.
Also, the company said the prices of Diesolene and VPower Diesel will be decreased by P1.60 per liter, and kerosene and regular gasoline by P1.50 per liter.
Eastern Petroleum Corp. meanwhile said it will bring down unleaded and premium gasoline prices by P1.60 per liter, diesel by P1.70 per liter and regular gasoline and kerosene by P1.50 per liter.
"This is to reflect the biggest weekly movements in the international oil market, which appears to be stabilizing," Fernando Martinez, Eastern Petroleum chairman, told reporters.
Other oil companies have yet to announce if they will also cut prices.
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