By Myrna M. Velasco
The other players in the deregulated downstream oil industry had followed the rollback price trends initiated by a competitor last weekend – matching the price cuts at P1.00 per liter for diesel; and P0.80 per liter for gasoline products.
The price of another fuel commodity kerosene, which many households as well as some industries had been leaning on for usage, had also been reduced by P1.15 per liter.
As of press time, the oil companies that already announced price rollbacks included Pilipinas Shell Petroleum Corporation, Chevron, PTT Philippines, Seaoil, Clean fuel and PetroGazz – effective Tuesday (October 8).
The downward spiral in costs at Philippine pumps had been due to softening of prices in the world market.
And with global prices continually manifesting softening as well as the value of the Philippine peso gaining strength, consumers may still anticipate price rollbacks in the coming weeks.