Oil firms implement big-time rollback

Manila, Philippines - Petron, the country’s largest oil refiner, has cut its premium gasoline prices by P2 per liter effective today.

In a media advisory, Petron said it will also reduce the price of its regular gasoline by P1.75 per liter, diesel by 50 centavos per liter and kerosene by 30 centavos per liter.

Shell also decided to roll back the price of its unleaded gas by P2 per liter, regular gas by P1.75 per liter, diesel by 50 centavos per liter and kerosene by 30 centavos per liter effective today.

Phoenix Petroleum Philippines is also following suit, slashing its gas prices by P2 per liter and diesel by 50 centavos per liter.

The rollbacks of Petron, Shell and Phoenix Petroleum came after Flying V, an independent player controlled by the Villavicencio family, announced a price rollback of P2 per liter for premium gasoline and 30 centavos per liter for diesel.

Last week, oil companies implemented a significant cut in their pump prices following a drop in oil prices on the international market.