In a move that will likely wipe out market gains of competitors, dominant oil player Petron Corporation introduced its special formulation fuel that sells at P3.00 per liter cheaper than regular gasoline.

Christened by the company as “Petron PINOY,” the gasoline product will be initially retailed at selected seven gasoline stations in Metro Manila and neighboring provinces starting August 20; and will be marketed in two other areas by August 22.

The company’s bargaining chip for the product has been anchored on giving the public “a more affordable gasoline formulation,” especially for public utility vehicles (tricycles, taxis etc.), bancas and farm equipment.

The oil firm added that with the P3.00 per liter slash in the price offer, this will be its “response to the plea of the transport groups and other sectors burdened with the high cost of fuels.”

Petron chairman and chief executive officer Ramon S. Ang also gave the product a promotion stint in this wise: “Ang Petron PINOY Gasoline ay ang gas para sa taong bayan. Ikaw ay makakatipid at siguradong maraming pasada.”

He reiterated that the special formulation fuel is intended to address the public’s concern over soaring fuel prices and to ensure of making such commodity affordable to the “marginalized sectors of society.”

In due time, Petron noted that it will make the fuel available in more stations so it can reach out to wider base of patrons. Just recently, the company introduced another product innovation on diesel that is also eyeing to give competitors a run for their money.

Even in the construction of retail stations, it must be culled that Petron has taken a shift into smaller stations, which is viewed by industry rivals as the company’s way of gobbling up further into market shares.

San Miguel Corporation’s entry in Petron has pushed for various changes in the company, especially in terms of business strategies.