"We welcome any rollbacks in oil prices that would benefit our people, but we have to always bear in mind that world market prices remain volatile," Press Secretary Ignacio Bunye said in a statement.
He said Malacañang would continue to focus on fuel conservation and search for alternative sources of energy.
Bunye, likewise, urged all institutions and sectors to "close ranks on these goals."
All oil companies have reduced their prices of several petroleum commodities — including premium gasoline, unleaded gasoline and kerosene — by P1 per liter inclusive of the value-added tax (VAT).
The oil firms assured the public that the discounted price of diesel products exclusively for public utility vehicles would continue to be offered in selected stations nationwide since these were not included in the rollback.
Chevron Philippines(formerly Caltex), Pilipinas Shell and Petron Corp. rolled back their prices on Thursday morning. Eastern Petroleum, Total Philippines, Unioil Petroleum, Flying V and Seaoil Petroleum rolled back their prices on Thursday noon.
Prices of unleaded gasoline will range from P41.79 to P43.50 per liter, unleaded gasoline prices will range from P41.16 to P42.87 per liter, and kerosene will range from P39.19 to P42 per liter.
Diesel will remain at the range of P35.29 to P37 per liter and LPG prices from P460 to P521 per 11-kilogram cylinder.
World price of Dubai crude stood at $67.86 per barrel as of Aug. 23. The average price per barrel of Dubai crude for the month of August so far is $69.58.
For the month of July, average price was $69.17; for June, $65.22, and for May, $65 per barrel. — Aurea Calica