Oil companies slash pump prices

By Alvin Elchico, ABS-CBN News

Posted at Jun 18 2012 06:57 PM | Updated as of Jun 19 2012 04:14 PM

MANILA, Philippines (2nd UPDATE) - Several oil companies announced an oil price rollback effective 12:01 a.m., June 19.

The companies said the price cuts reflected movements in the international oil market.

Prices of Petron products will be lowered by P1.20/liter for Blaze 100, XCS, and Xtra; P1.10/liter for Pinoy and regular gasoline; P0.50/liter for Turbo Diesel and DieselMax; and P0.35/liter for kerosene and Jet A-1.

Eastern Petroleum said it is cutting pump prices by P1.20/liter for all premium and unleaded gasoline and Xtra; P1.10/liter for regular gasoline; P0.50/liter for diesel and P0.35/li for kerosene.

Chevron is also reducing the prices of its products as follows: Gold and Silver by P1.20/liter, regular by P1.10/liter, diesel by P0.50/liter and kerosene by P0.35/liter.

For Shell, the prices of its oil products will be slashed as follows: P1.20/liter for unleaded, Shell Fuel Save, V-Power Nitro+, V-Power Nitro+ Racing; P0.35 for kerosene; P0.50 for Shell Fuel Save Diesel, V-Power+Diesel; and P1.10 for regular.

SEAOIL said it will lower the prices of its premium and unleaded gasoline by P1.20/liter; regular gasoline by P1.10/liter; diesel by P0.50/liter, and kerosene by P0.35/liter.