3 oil firms vow rollback

MANILA—At least four oil companies, including three major oil firms, have announced fuel price rollbacks for the second straight weekend.

The “Big Three” companies—Pilipinas Shell, Petron Corp. and Chevron Philippines (formerly Caltex)— will have uniform adjustment as the prices of premium and unleaded gasoline, which would be slashed by P1.20 per liter; regular gasoline, by P0.95 per liter; diesel, by P1.15 per liter and kerosene by P1.35 per liter.

These decreases will take effect at 12:01 a.m. Sunday, the oil firms said via separate text advisories.

“This reflects move- ments in the international oil market,” Petron said, referring to the latest rollback.

The oil giants’ rollbacks will be implemented Sunday, or a day after the price movement of small oil players Seaoil Philippines and Flying V Philippines.

On Saturday, Seaoil reduced its prices of premium, unleaded and diesel by P1.10 per liter.

Flying V, on the other hand, slashed premium, unleaded and diesel prices by P1.10 and regular gasoline price by P.60 per liter.

Meanwhile, another independent player, Phoenix Petroleum Philippines, bared price cuts worth P1.20 per liter on premi- um and unleaded, P1.15 per liter on diesel and P0.95 per liter on regular effective 6 a.m. Sunday.

There was as yet no word of a price movement from other oil companies.

Seaoil and Flying V also initiated the wave of price cuts last week.

Oil firms have now pulled down pump prices twice in as many weeks.

Before the back-to-back rollbacks, the petroleum companies enforced four consecutive price hikes.

As of Friday, the average price of gasoline in Metro Manila stood at P54.25 per liter while that of diesel was pegged at P42.85 per liter, according to data from the Dept. of Energy.