Local oil firms cut gas prices effective Monday

Oil companies have brought down the prices of diesel by P1.50, kerosene by P1.15, premium gasoline by 80 centavos and  regular gasoline by 70 centavos, effective Monday.

Pilipinas Shell Petroleum Corp., Petron Corp., Chevron, Eastern Petroleum and Flying V said the cuts reflect the downward trend in international oil prices last week.

Prior to the rollback, pump prices for diesel ranged from P44.74 to P48.33 a liter, while gasoline prices were between P48.38 and P55.30 a liter.

The year-to-date net increase of fuel prices as of last week stood at P4.38 a liter for gasoline and P8.19 a liter for diesel.

As early as last Wednesday, Energy Undersecretary Jose M. Layug Jr. said the Department of Energy was expecting a rollback of more than P1 a liter given the huge decline in global oil prices in the first three days of last week.

George San Mateo, national president of the transport group Pagkakaisa ng mga Samahan ng Tsuper at Operator Nationwide (Piston), however, said the P1.50-a-liter rollback for diesel  was not enough.

Originally posted: 3:34 pm | Sunday, November 27th, 2011