Vice President Manuel “Noli” de Castro urged the review of the Oil Industry Deregulation Law amid the squabble among petroleum companies after Unioil Petroleum Philippines Inc. adopted a hefty price cut for gasoline, diesel and kerosene without the other local players following suit.

Unioil has earlier cut prices by P4.75 per liter of gasoline, P3.50 per liter of diesel and P1.50 per liter of kerosene products. The Big Three players — Caltex (Philippines), Inc. (now Chevron Philippines, Inc.); Pilipinas Shell; and Petron and the rest of the industry could only manage a price reduction of P1.50 for all products.

De Castro said that a review of the oil deregulation law is needed because it had muddled the pricing of oil products.

Also during the Vice President’s Saturday morning radio program, Chito Medina-Que Jr., Unioil general manager, strongly denied allegations that their company was able to substantially slash their gasoline prices because they were smuggling it.

Que also pointed out that Unioil’s price adjustment was not reflected in all of its retail stations, which are fewer than 50 across the country.

Unioil Petroleum Philippines, Inc. said that it had fairly implemented its “big time” price rollback, which other oil firms have branded as a sham.

Unioil Corporate Communications Officer Leah Flor also rebutted claims by rival firms that they only wanted to look good and improve sales by announcing a rollback that it did not intend to enforce.

“It is very clear that an independent company like Unioil can reduce its prices of gasoline by as much as P4.75 per liter based on Unioil’s suggested retail price and still profit as a company,” Flor said.

Que said his company’s adjustment was based on its own suggested retail price, which oil firms set independently.

He added that while suggested retail prices may differ because of market forces from actual prices motorists see in fuel stations, when the company implemented its hefty roll backs for gasoline and diesel on July 13, its prices saw a significant drop compared with the competition.

Que also said that Unioil’s decision to lower pump prices was also due to the continuing decline in world crude prices.

Oil prices slid Monday, languishing close to $60 a barrel, as traders focused again on weak global demand, analysts said.

In early London trading, Brent North Sea crude for August deliver dropped 43 cents to $60.09 a barrel. New York’s main contract, light sweet crude for delivery in August, fell 60 cents to $59.29.

Before the latest cuts, Unioil sold unleaded gasoline at P39.69 a liter, premium gasoline at P40.19, regular unleaded at P39.41, E10 at P39.44, diesel at P31.04, and kerosene at P39.94.

Unioil rolled back prices by as much as P1.25 a liter for gasoline, P1 for diesel, and 75 centavos for kerosene on June 29.

The company counts 41 service stations in Luzon and is in the middle of a P90-million expansion.

On Friday, Shell and Phoenix Petroleum cut the prices of gasoline, diesel and kerosene by P1.50 a liter to reflect international prices and market competition, the companies’ officials said