Major oil player Pilipinas Shell announced Monday afternoon that it would shed P0.25 a liter off the prices of its diesel, gasoline and kerosene products.

Shell spokesperson Bobby Kanapi said the rollback would take effect at 12:01 a.m. Tuesday. Other oil giants Petron Corp. and Chevron have yet to announce a price cut as of press time.

Meanwhile, Fernando Martinez, chairman of the Independent Philippine Petroleum Companies Association (IPPCA), said in a text message that they would be matching Shell’s adjustment.

“Yes, we’re implementing (rollback) effective 12:01 a.m. Tuesday,” said Martinez, who is also president of Eastern Petroleum Philippines.

IPPCA members include Eastern Petroleum, Flying V, Unioil Philippines, and Seaoil Philippines.

In the case of Seaoil, however, spokesman Rey Jimenez said the oil company would enforce its P0.25 price cutback as early as 6 p.m. Monday.

The rollback likewise halted the streak of fuel price hikes by the oil firms, which lasted for four straight weeks.

From February 23 to March 16, big and small oil players alike jacked up retail prices by an accumulated P2.50 for diesel and kerosene and another P3 for gasoline.

By Tuesday, the average retail price of fuel products in Metro Manila would be as follows: P34.50 for diesel; P44 for gasoline, and P44 for kerosene.

Meanwhile, deputy presidential spokesperson Gary Olivar said.

Malacañang is exercising caution in making statement on oil price increases, saying that any comment might send the wrong signal to the international business community.

Olivar said they still have to determine if the situation merits the imposition of price cap on oil, which was done last year following the damages wrought by a series of typhoons.

He said they have yet to study whether or not the oil price cap is needed in drought-stricken areas, particularly in areas in Mindanao, which was placed under a state of emergency due to the power crisis.

Last week, Malacañang said it was closely watching the oil price hikes imposed by oil firms amid concern that it might fuel inflation as well as add to the worsening effects of the El Niño phenomenon.

Meanwhile, despite the 25-centavo a liter rollback in pump prices of small oil player Flying V Monday afternoon, the transport group Pagkakaisa ng mga Samahan ng Tsuper at Opereytor Nationwide (PISTON) maintained that prices of petroleum products are still unfriendly to consumers.

In an exclusive interview, PISTON secretary general George San Mateo said they condemn the continuous stinginess of the Big 3 oil cartel in granting much needed rollbacks.

“We believe that it’s not Flying V’s call to cut back on its prices. For sure, it got information that the Big 3 is planning to roll back their prices too, as they decide as to when and how much they want to adjust fuel prices,” San Mateo said.

“Flying V is only a small player following the move of the Big 3. Also, just last week they hiked their prices by 50 centavos, now they say that they’re cutting back by 25 centavos. Who are they fooling?” he asked.

The transport group said that consumers don’t need anymore increase in retail prices at a time where economic difficulties are aplenty and where electricity rates are also soaring.

San Mateo further said that PISTON and its other allied transport and people’s organizations will launch transport caravans and noise barrages anytime this week to protest the “greediness” of the Big 3 oil cartel and its incessant overpricing and stinginess in implementing rollbacks.

“We will also protest President Arroyo’s refusal to scrap the oil deregulation law and to ask for substantial rollbacks in pump prices,” he stated.

“We will also demand the ouster of Department of Energy Secretary Angelo Reyes for his utmost incompetence, for keeping silent about the Big 3’s abusive monopoly, and his seemingly being a “lawyer” and spokesperson of the Big 3,” he ended. (Charissa Luci and Pam Brooke Casin)