MANILA, Philippines – The prices of petroleum prices will roll back starting 12:01 am Monday, May 14, local oil companies announced Sunday, following the downtrend in world oil prices.
Eastern Petroleum Corp said the prices of unleaded and premium gasoline will go down by P1.60 per liter, diesel by P1.70 per liter, and regular gasoline by P1.50 per liter.
Chevron Philippines Inc, Petron Corp, Phoenix Petroleum Philippines Inc, PTT Philippines Corp, Seaoil Philippines Inc, and Total (Philippines) Corp said they will reduce the price of unleaded and premium gasoline by P1.70 per liter, diesel by P1.60 per liter, regular gasoline by P1.60 per liter, and kerosene by P1.50 per liter effective Monday.
Pilipinas Shell Petroleum Corp said it will also reduce the price of unleaded by P1.70 per liter, diesel by P1.60 per liter, regular gasoline by P1.50 per liter, and kerosene by P1.50.
The price adjustments bring to P2.30 per liter the amount of reductions for unleaded and premium gasoline, P2.20 per liter for diesel, P2.50 per liter for regular gasoline, and P2 per liter for kerosene.
The Independent Oil Price Review Committee expects to finish its review of allegations about oil firms’ pricing and profitability by July. Committee head Dr. Benjamin Diokno said they are about 70% done with their review.
“We will meet with the oil firms to discuss our preliminary results. We will also request the oil firms to submit their supply contracts to better understand how they price their products,” he said.
World oil prices have dropped partly as a result of revived talks between Iran and major powers about the latter’s alleged nuclear program. – Rappler.com