7 oil firms reduce gas prices by 25¢

Major players Petron Corp. and Pilipinas Shell Petroleum Corp. rolled back yesterday prices of their gasoline products, diesel and kerosene by 25 centavos per liter as world crude prices weakened.

Even new players Unioil, Flying V, Seaoil, Total Petroleum Corp. and Eastern Petroleum Corp. have also reduced their prices. While Flying V’s rollback rate is the same as that of Petron and Shell, Unioil will implement a 25-centavo price reduction on all its products. Seaoil, on the other hand, implemented the price rollback earlier than the others at 6 last night.

Caltex Philippines Inc. has yet to make any announcement.

With the price cut, the suggested retail price of Petron’s unleaded premium is now P18.39 per liter. Other Petron products can also be bought lower — XCS plus at P19.05, kerosene at P14.79 and diesel at P14.89.

"Theoretically, the reduction in prices should have been reflected in December but we decided to implement it at once," Shell external affairs manager Robert Kanapi said.

Shell was the first one to announce the rollback of its prices yesterday morning followed by Petron.

Petron corporate communications manager Virginia Ruivivar said the company’s decision was prodded by competitive pressures.

"An earlier-than-expected rollback reflects the downward trend in the international crude prices for the month of November. We are hopeful that this trend will continue so we can implement further cuts in oil prices," she said.

Dubai crude prices went down by as much as $3, from $26.32 in end-October to $23 per barrel in mid-November.

Both Petron and Shell have said further price cuts are expected next month if the downward trend in Dubai prices continue.

Consumer Oil Price Watch chairman Raul Concepcion said he expects a much higher oil price reduction of 70 centavos per liter in December.

"Prices in the world market continue to soften. This downward trend should be reflected in the local market," he said.

Energy Secretary Vincent Perez said the rollback is a welcome development. "We hope the (downward trend) continues," he said.