Seaoil Philippines rolls back prices; Petron, Chevron to follow on Monday

Seaoil Philippines announced price cuts in its oil products starting Sunday, Sept. 9, 2012.

MANILA, Philippines—Seaoil Philippines cut the prices of its oil products on Sunday while Petron Corp. and Chevron Philippines are expected to follow suit by Monday, to reflect movements of oil prices in the global market.

The price cuts seen on Sunday were 60 centavos a liter of premium gasoline and 25 centavos a liter of diesel.

At the same time, oil firms are also implementing an increase of 20 centavos a liter for kerosene.

Petron Corp. and Chevron are adjusting their pump prices starting on Monday, while Seaoil Philippines effected its adjustments on Sunday.

Prior to this week’s fuel price movements, diesel was selling for P43.85 a liter to P46.35 a liter, while gasoline prices ranged from P50.55 a liter to P58.41 a liter. As of September 4, the year-to-date net decrease in the prices of gasoline stood at P3.08 a liter, while diesel price adjustments registered a net increase of P1.97 per liter.