Oil companies roll back gas, diesel prices

MANILA, Philippines - Pilipinas Shell, Petron, Seaoil, and Total Philippines yesterday reduced the prices of petroleum products by P1.50 per liter for gasoline and P1 per liter for diesel and kerosene.

Chevron Philippines (formerly Caltex) and PTT would also reduce pump prices of gasoline by P1.50 per liter and P1 per liter for diesel and kerosene at 12 a.m. today, while Phoenix Petroleum Philippines would do so effective 6 a.m. today.

Shell said it managed to roll back the price of petroleum products due to reduction in product costs for the past week.

The reduction of oil prices was anticipated as some oil companies have already indicated plans to implement price cuts this week.

“This is to reflect lower international oil prices (for the past days),” Petron public affairs manager Virginia Ruivivar said.

Before the latest price adjustments, the suggested retail price of unleaded gasoline was P38.34 to P43.99 per liter, diesel at P28.15-34.03; auto Liquefied Petroleum Gas at P20.40-P21.43; and LPG (11-kg) at P497-575.

Meanwhile, the continued fluctuation of oil prices boosted the clamor from consumer and civic groups to repeal the Oil Deregulation Law.

Consumer and Oil Price Watch (COPW) chairman Raul Concepcion called for the oil industry to revert back to a regulated regime.