Unioil rolls back gas price by P3

MANILA, Philippines – Unioil Petroleum Corp. will reduce its gasoline prices by P3 per liter this afternoon.

Yesterday, Total Philippines dropped its pump prices by an average of P1 per liter.

Flying V Petroleum officials could not be reached on whether they would also reduce prices.

Unioil Petroleum will roll back gasoline prices by P3 per liter, and P2 per liter for diesel products.

Based on the Mean of Platts Singapore (MOPS) or the benchmark for importers of petroleum products, the price went down by an average of $33.80 per barrel.

Chito Medina-Cue Jr., Unioil Petroleum general manager, said the rollback was due to the significant decrease in the prices of petroleum products in the world market.

“Unioil will always reflect the true price based on market forces, supply, and world oil price,” he said.

Medina-Cue said Unioil expects a big surge in its daily sales of fuels in its network of stations.

“When we implemented a rollback of P2 two weeks ago, our stations experienced very high sales and with this current rollback, we expect sales to further significantly increase,” he said.

Petron Corp., Pilipinas Shell Petroleum Corp. and Chevron/Caltex Philippines reduced prices of gasoline, diesel and kerosene by P1 per liter yesterday.