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5 oil firms reduce prices

Manila, Philippines – Oil firms Pilipinas Shell, Petron Corp., Chevron Philippines (formerly Caltex), Eastern Petroleum Philippines, and Unioil Philippines reduced prices by up to P1.20 per liter yesterday.

They slashed prices of all gasoline products by P1.20 per liter, diesel by P1 per liter, and kerosene by P0.80 per liter. Shell, Chevron, and Eastern Petroleum’s price cut took effect at 12:01 a.m. while Petron and Unioil reduced at 6 a.m.

“This rollback is made possible due to the lower weekly average of international price compared to the previous week, despite partial weakening of the peso,” explained Fernando Martinez, Eastern Chief Executive Officer (CEO). (Ellson A. Quismorio)