3 oil firms announce fuel price cuts Tuesday

Three oil firms are cutting fuel prices Tuesday to reflect movements in the global oil market week-on-week, and not because of the transport strike staged by a militant transport group on Monday.

Pilipinas Shell Petroleum Corp. slashed prices of unleaded premium gasoline by 20 centavos a liter, but raised prices of regular gasoline by 25 centavos a liter.

Eastern Petroleum implemented a bigger rollback of 50 centavos a liter, bringing the suggested retail price of its unleaded premium gasoline to P56.65 a liter from P57.15 a liter.

Responding to the moves by Eastern and Shell, Phoenix Petroleum Philippines said it would cut the pump price of gasoline by 20 centavos a liter effective at 6 a.m.

“This (price reduction) is reflective of the movement in international prices, which was partially affected by the weakening of the peso,” said Fernando Martinez, chair of Eastern Petroleum.

Martinez, also the chairman of the Independent Philippine Petroleum Companies Association, said that transport strikes had no impact on his group’s pricing decisions.

“The only determinant is the international price and the exchange rate. The very purpose of the deregulation of the industry is to make (oil) apolitical. We have a mature market by now and motorists no longer listen to  the oil issues being shouted in the streets,” he said.

Martinez advised militant groups to highlight corruption and missing government funds which, he said, were a burden on the country.

“Indignation should be directed to the corruption. I would join them in their fight in the streets even,” he added.

Before today’s adjustments, prices of diesel ranged from P41.70 a liter to P44.30, while gasoline retailed for P51.90 a liter to P58.87 a liter.

As of Sept. 13, the year-to-date net increase in the price of gasoline was P7.60 a liter. It was P5.10 a liter for diesel.

Original posted: 9:57 pm | Monday, September 19th, 2011

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