By MYRNA M. VELASCO
The much-awaited third tranche of rollback amounting to P0.50 per liter for gasoline, diesel and kerosene products was already implemented by the oil companies, with majority of them reflecting it at their pumps effective 2 p.m. Friday.
The industry players which advised of the price cuts include Petron Corporation, Pilipinas Shell Petroleum Corporation, Chevron Philippines, Inc., Unioil and Seaoil Petroleum. Total Philippines advised of price cuts effective 8 p.m. last night.
The latest batch of price cut brought the total reduction in pump prices to P1.50 per liter for this month. This development has been attributed to the continued softening oil prices in the world market.
Energy Secretary Raphael Lotilla earlier said he is expecting direct oil importers taking the lead in the price reduction trend, given that the prices of finished petroleum products are on a faster slide as compared to crude products.
After this round of rollback, the Department of Energy (DoE) continues on wishing that prices would further soften in the coming months with the anticipated end of the winter season.
"As the end of winter season approaches we are hoping that prices of oil in the international market will remain stable given that oil supplies remain adequate," Lotilla noted.
|
