Petron, Shell, Seaoil to cut pump prices today

MANILA, Philippines - After more than six months, oil firms have started reflecting the impact of the zero tariff on imported petroleum products.

Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. will reduce today the price of all their pump prices by P1.50 per liter.

According to Petron, Shell and Seaoil, the rollback includes a decrease in international market prices and effect of the zero tariff on crude oil and finished petroleum products.

The oil companies did not say how much of the P1.50 per liter is accounted for the tariff cut. But earlier estimates indicate that the impact of the zero tariff would be around 70 centavos per liter.

It was learned that the oil companies should start implementing the zero tariff on July 4.

Executive Order 850 was signed by then President Gloria Macapagal-Arroyo last Dec. 23 and took effect Jan. 1, 2010, lowering the tariff on imported petroleum products from three percent to zero.