Oil firms cut prices by 25¢/liter

MANILA, Philippines - Oil companies yesterday rolled back the prices of their petroleum products by 25 centavos per liter following the drop of petroleum prices in the world market.

Flying V Corp. rolled back the price of its gasoline, diesel, and kerosene products at 12 p.m yesterday.

Seaoil Philippines Inc. rolled back the prices of its gasoline and diesel products at 6 p.m yesterday.

Petron Corp. will rollback the prices of all its pump products at 6 a.m today.

Pilipinas Shell Corp., Chevron Philippines Inc., and Phoenix Petroleum Philippines Inc. will rollback the prices of all their petroleum products at 12:01 a.m today.

Oil firms recently hiked the prices of their petroleum products by 50 centavos per liter without prior notice.

Energy Secretary Angelo Reyes said there is an agreement between the DOE and the oil players that all price adjustments will be announced through the media hours before the implementation.

“We have reminded the oil companies that we will continue to closely monitor them and that they have to inform the media about any respective price adjustments,” Reyes said.

Militant group Bagong Alyansang Makabayan (Bayan) said a “substantial” rollback should be implemented because petroleum products have been overpriced by P8.21 per liter for the past two years based on the monthly movement of Dubai crude prices and the foreign exchange rate from January 2008 to January 2010.