(UPDATE 2) Three oil companies announce oil price cuts
abs-cbnNEWS.com | 06/28/2009 6:09 PM
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Seaoil Philippines, Unioil Petroleum Philippines, Inc. and Chevron (formerly Caltex) Philippines announced on Sunday reductions in the pump prices of their respective petroleum products effective Monday
Seaoil said it will reduce gasoline prices by P1.25 per liter, diesel by P1.00 per liter and kerosene by P0.75 per liter. It said the price reduction would be effective 12:01 a.m. Monday.
Unioil Petroleum Philippines, Inc. meanwhile said it will also implement a rollback on its gasoline products by P1.25 per liter (premium, unleaded and E10), P1.00 per liter on diesel and P0.75 per liter on kerosene. Lea Flor, Unioil’s corporate communications officer, told ABS-CBN News that the reduced prices is “due to the decreasing world prices on petroleum products” and would also be effective 12:01 a.m. Monday.
Chevron, meanwhile, said it will implement reduced prices 6 a.m. Monday. Toby Nebrida, Chevron spokesman, said that the prices of Gold, Silver, E10 and regular gasoline products would be reduced by P1.25 per liter, diesel prices would be reduced by P0.50 per liter while kerosene prices would be reduced by P0.75 per liter.
The price reduction by the oil companies followed the price rollback implemented by Phoenix Petroleum Philippines Saturday morning.
Phoenix slashed prices of its gasoline product by P1.25 per liter and diesel by P1.00 per liter. Company officials said the reduction was due to downward trend in international oil prices and local market competition.
Oil companies last June 23 implemented price hikes on petroleum products. Gasoline and diesel prices increased by P0.50 per liter while kerosene prices were increased by P0.75 per liter.
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