Oil firms cut pump prices

Posted at | Updated as of 09/29/09 3:55 AM

MANILA - Oil firms announced rollbacks in the prices of petroleum products starting Monday evening.

Pilipinas Shell Petroleum Corporation and Seaoil Philippines in separate announcements said the prices of their respective diesel products were reduced by P0.50 per liter while their respective gasoline products were reduced P1 per liter. The reductions in prices were implemented 6 p.m.

Petron Corp. meanwhile said it will implement a similar rollback in prices effective 10 p.m. Monday.

Chevron Philippines (formerly Caltex), through its public relations head Toby Nebrida, meanwhile said it will reduce the prices of its Gold, Silver, Silver E10 and regular gasoline by P1 per liter and diesel by P0.50 per liter. The price adjustment will be implemented 12:01 a.m. Tuesday, said Nebrida.

Nebrida also said that the “price movement [was] due to lower MOPS (Mean of Platts Singapore) prices.”

Total Philippines said its rollback of P0.50 per liter for diesel and P1.00 per liter reduction in gasoline prices would be implemented 6 a.m. Tuesday. With reports from Alvin Elchico, ABS-CBN News