Oil firms cut pump prices anew

MANILA, Philippines - Eastern Petroleum Corp. (EPC), one of the country’s leading independent oil players, yesterday rolled back the price of all its pump products by 50 centavos per liter effective 6 a.m. today.

EPC chairman Fernando Martinez said the latest oil price reduction was consistent with the international global oil trend.

“This will reflect the weekly downtrend in international price,” Martinez said in an advisory sent to media Saturday.

Petron will also lower its prices at 6:00 a.m., while Pilipinas Shell and Seaoil will roll back their prices of gasoline, diesel and kerosene products by P0.50 per liter at 12:01.

As of press time, the other local petroleum companies have yet to adjust their prices.

Local oil players are adjusting their prices on a week-on-week basis, taking into account the international price movements to reflect the true cost of products in the domestic front.