Oil companies roll back by P0.25/liter fuel prices‏

March 22, 2010 11:45 pm 

By Marie S. Neri

MANILA, March 22 — Four oil firms will roll back the prices of their petroleum products effective today after prices in the international market moved downwards.

Pilipinas Shell Petroleum Corp. (PSPC), together with independent oil players Flying V, Eastern Petroleum and Seaoil Philippines announced that they will reduce by 25 centavos per liter the prices of their diesel and gasoline.

Shell said their rollback will take effect 12:01am of March 23 while Seaoil said their price cut will take effect 6pm tonight.

Flying V and Eastern Petroleum also said their price reduction will take effect after midnight tonight.

Price monitoring conducted by the Department of Energy indicated that the price of the regional benchmark Dubai crude went up to US$ 77 per barrel as of March 17, from the US$ 73 per barrel average last month.

Unleaded gasoline based on the Mean of Platts Singapore (MOPS), the benchmark for refined petroleum products, also increased to US$ 91 per barrel as compared to the US$ 87 per barrel average last February.

LIkewise, MOPS-based diesel prices climbed to US$ 88 per barrel from the US$ 84-per barrel average in February.

Meantime, Petron Corp., Chevron Philippines as well as other oil companies are also expected to implement the same rollback.

This is the first rollback implemented by oil firms after three straight price hikes in the first three weeks. (PNA)

DCT/MSN/ssc

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