More oil firms announce price rollback

MANILA, Philippines - Taking a cue from independent oil firm Flying V, Petron Corp. and Chevron Philippines yesterday announced a cut in local petroleum prices.

Petron Corp., the country’s biggest oil refiner, said it would slash 55 centavos per liter for Blaze 100 Euro 4, XCS, Xtra Advance and Super Xtra; 45 centavos per liter for Turbo Diesel and DieselMax, and 65 centavos per liter for kerosene.

“This reflects movements in the international oil market and the foreign exchange rate,” the oil giant said in an advisory.

Chevron also announced a similar price cut. The price rollback took effect midnight today.

Flying V was the first to announce a rollback after oil firms raised petroleum prices for seven consecutive weeks.

The Department of Energy (DOE) said the rollback was expected given the downward adjustment in global crude prices.

Zenaida Monsada, director of DOE-Oil Industry Management Bureau, said the rollback was within expectations.

The price rollback is a welcome reprieve for consumers and motorists as oil firms have so far raised prices for the past seven consecutive weeks and for four times last June alone.

Last week, oil companies including Petron Corp., Pilipinas Shell, Chevron Philippines, Seaoil Philippines and Total Philippines raised local pump prices by 45 centavos per liter and diesel and kerosene by 90 centavos per liter.

The oil firms cited movements in the international oil market and foreign exchange rate.

The week before, oil firms implemented a P1.05 per liter increase for gasoline prices, diesel by P1.45 per liter and kerosene by P1.30 per liter.

The price increases came on top of rising electricity and water rates.

Power rates went up in June because of higher generation charge partly pushed up by the May 8 Luzon-wide power outage, the Manila Electric Co. said.

Meralco’s power rates increased by 22 centavos per kilowatt-hour, translating to a P44 increase in the June billing statement of a typical household consuming 22 kwh.