By Myrna M. Velasco
Following the trend set by industry competitors, the other oil companies have also cut pump prices by a leaner P0.90 per liter for gasoline; and P0.80 per liter for diesel and kerosene products.
As of press time, the oil firms that already implemented rollback included Pilipinas Shell Petroleum Corporation, Seaoil, Petron Corporation, Total, Eastern Petroleum, PTT Philippines, PetroGazz and Chevron; while the rest of their rivals are anticipated to follow.
Majority of the price reductions had been set at 6 a.m. on Tuesday (May 7); except for Phoenix Petroleum Philippines, Inc. which implemented price cutbacks as early as Saturday and with even heftier rollback of P1.00 per liter for its gasoline products.
The price declines this week at the petroleum pumps had been due to downswing in prices in the world market due to confluence of factors, that include freer supply flow from producing-countries and the increasing crude inventory of the United States.
Next week’s forecast, however, could be a reverse of the rollbacks this week as price references had started climbing back again this week.