MANILA, Philippines – Local oil companies are slashing prices of gasoline products by P1.50 a liter and of diesel and kerosene by P1.70 per liter, due to the steep drop in the prices of oil in the international market.
Petron Corp. and Chevron Philippines will implement the rollbacks effective Monday (Aug. 15).
Other oil companies namely Eastern Petroleum, Flying V Philippines have made their respective fuel price adjustments as early as Saturday (August 13) while Total Philippines and Phoenix Petroleum Philippines followed suit on Sunday.
Prior to this rollback, oil companies already slashed prices, Tuesday last week, by P1 per liter for all gasoline products and 75 centavos a liter for diesel and kerosene.
Late last week, Energy Secretary Jose Rene D. Almendras had warned oil companies that they must be able to cut fuel prices by P2 a liter until Monday or face an investigation by the Department of Justice.
As of August 5, the Dubai crude fell to $101 a barrel from $113 a barrel last August 1.
Prices of gasoline based on the Mean of Platts Singapore (MOPS) benchmark for petroleum products also fell to $118 a barrel as of August 5 from $129 a barrel on August 1. MOPS-based diesel prices similarly decreased to $123 a barrel from $134 during the same period.