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Bacolod City, PhilippinesMonday, June 4, 2012
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Oil firms cut prices

Oil firms yesterday announced a rollback in their petroleum products effective today.

Effective 12:01 a.m. today, major oil player Pilipinas Shell will shed P0.30 per liter on premium gasoline (including unleaded), P0.65 per liter on diesel, P0.60 per liter on kerosene and P0.40 per liter on regular gasoline.

Eastern Petroleum Philippines, an independent oil player, would also cut its pump prices by the same levels and would also be effective 12:01 a.m. today.

Meanwhile, another independent player, Flying V Philippines began the wave of significant rollbacks at past midnight Sunday as it reduced P0.60 per liter on diesel and P0.35 per liter on premium gasoline.

According to local oil firms the announced cutbacks on their respective fuel prices, marked the companies’ eighth collective price rollbacks in as many weeks.

Oil firms said the reductions were made to reflect the softening of prices in the international market.*PNA

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