Oil firms to roll back prices Tuesday

PHOTO BY RICK ALBERTO

MANILA, Philippines–Local oil companies will roll back gasoline prices Tuesday morning amid easing pressure from international markets.

The country’s largest oil refiner Petron Corp. on Monday announced that it would roll back premium gasoline prices by 90 centavos per liter starting at 12:01 a.m. of Sept. 4. This covers the company’s Blaze, XCS, and Xtra gasoline variants.

At the same time, lower-priced “Pinoy” gasoline and regular gasoline would have a 20-centavo rollback.

Similarly, Seaoil Philippines Inc. said it would adjust price of its premium gasoline brands by 90 centavos, while regular gasoline prices would be lower by 20 centavos per liter. “This is to reflect price movements in the international petroleum market,” the company said in a text message.

Chevron Philippines and Total (Philippines) Corp. also announced similar price cuts on Tuesday.

For its part, Unioil Petroleum Philippines said prices for its premium unleaded and “Quantum” gasoline products would be cut by P1 per liter.

All price adjustments are inclusive of value-added taxes.

Last week, oil companies rolled back prices of premium and unleaded gas by 45 centavos per liter, but increased diesel prices by 75 centavos per liter. Prices of kerosene were also hiked 60 centavos per liter.