5 oil firms roll back prices for 8th consecutive week

4:02 pm | Sunday, June 3rd, 2012

MANILA, Philippines — For the eighth consecutive week, local oil companies are slashing prices of petroleum products effective Monday to reflect the continued downtrend in the international oil market.

Petron Corp., Pilipinas Shell Petroleum Corp., Eastern Petroleum, Phoenix Petroleum and Seaoil Philippines have decided to slash prices of diesel by 65 centavos a liter; kerosene by 60 centavos a liter; regular gasoline by 40 centavos a liter; and of unleaded gasoline by 30 centavos a liter.

Other oil companies are expected to follow suit. Prior to Monday’s rollback, prices of diesel ranged from roughly P42 a liter to P46 a liter while gasoline prices hovered between P48 to P56.

Global oil prices have been falling to its lowest level in more than six months, according to the Department of Energy, due to high fuel supply inventory in the US and concerns that Europe’s debt crisis would worsen, thus eventually dampening demand.

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Tags: Business , Energy , Flying V , oil industry , oil price rollback , Shell Philippines

robrano

But the crude is down since April by 18%. It is only the usual policy that oil firms have big stocks of expensive crude when its prce is down, but have no stock of cheaper crude when the price goes up. That is why local companies “make losses” but end of the year the mother company reports “historic profits”.
erick_1972

Where the roll back of prices ? What is wrong here ? The PUJ has already rolled down their fares . What about the taxis ,buses plying provincial and city routes ,the AUV’s and tricycles? What about the prices of goods that use transportation as their lame excuse to increase prices?What is government doing ?Occupied with the impeachment or just blind ?Or it is about getting more taxes? Or not to upset those transport groups?

robrano

The gov. “can do nothing” because the big business supports it.

http://www.facebook.com/people/Andrew-Dela-Cruz/100003052998714 Andrew Dela Cruz

i encourage our authorities re the overpricing of oil companies here in ILOILO CITY. We are being charged by these GREEDY OIL COMPANIES BY SIX (6) PESOS higher compared from CEBU CITY. DI BA HALOS PAREHO LANG NAMAN DISTANCE NG CEBU AND ILOILO FROM MANILA?

5 oil firms roll back prices for 8th consecutive week

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