MANILA, Philippines (UPDATED) - Five oil companies announced price rollbacks effective Sunday to reflect reductions in world prices.
Shell Philippines announced it will reduce its retail prices at 12:01 a.m. on Sunday (May 8) with diesel getting a hefty cut of P1.75 per liter.
Kerosene prices will be decreased by P2 per liter, regular gasoline by P1.25 per liter.
Unleaded gas will get the smallest cut--only 50 centavos per liter.
Shell Philippines said the reductions reflect the "decline in international product prices."
World oil prices fell sharply on Friday.
Petron will implement the following price rollbacks (VAT inclusive) effective 6:00 a.m., May 8:
- P1.75 per liter for diesel
- P2.00 per liter for kerosene
- P1.25 per liter for regular gasoline
- P0.50 per liter for premium gasoline.
This is to reflect the drop in international prices, Petron said.
Chevron Philippines (formerly Caltex) announced that effective 12:01 a.m., May 8 (Sunday), it will implement the following price rollbacks:
- Diesel by P1.75 per liter
- Kerosene by P2.00 per liter
- Gold, Gold E10, Silver and Silver E10 by P0.50 per liter
- Regular by 1.25 per liter (all VAT inclusive).
SEAOIL also announced that it will roll back its prices by P1.75 per liter on Diesel, P2.00 per liter on Kerosene, P0.50 per liter on Premium and Unleaded Gasoline, P1.25 per liter on Regular Gasoline, effective 12:01 a.m., 8 May.
SEAOIL said the price reductions "reflect price movements in the international petroleum market."
Unioil said it will implement the following price rollbacks effective 12:01 on May 8:
- Diesel prices P1.75 per liter
- Kerosene P2.0 per liter
- Unleaded & premium Gasoline P0.50 per liter
- Regular Gas P1.25 per Liter. -- with reports from Liza Reyes, ABS-CBN News; Alvin Elchico, ABS-CBN News