Petron, Shell, Chevron to rollback pump prices Saturday

April 13, 2013 1:57 am 

MANILA, April 12 — The "Big 3" announced Friday they will rollback their pump prices effective Saturday.

In separate text advisories, Petron Corp., Chevron Philippines (formerly Caltex) and Pilipinas Shell will implement price cuts of P1.65 per liter for all gasoline products and on diesel by P0.55 per liter.

Petron and Chevron would also cut down prices on kerosene by P0.75 per liter while Shell by P0.70 per liter on their kerosene products and would take effect at 12:01 a.m. Saturday.

An oil industry insider said the price rollback was due to the shift of Mean of Platts of Singapore (MOPS) which is the daily average of all trading transactions between buyer and sellers of petroleum products as assessed and summarized by Standard and Poor's Platts, a Singapore-based market wire service.

Fuel prices in Asia slipped based on the downtrend of figures supplied by MOPS, which serves as the benchmark for domestic pump prices.

Also, independent oil company Flying V has reportedly announced that they would also implement a price slash of P1.50 per liter on gasoline products and another P0.50 per liter on diesel.

Other oil companies have yet to announce their respective adjustments as of press time.

The said move on pump prices is the third for the month of April.

Last Tuesday, oil firms implemented a mixed adjustment on their petroleum products. (PNA)

FPV/CLTC

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