By Myrna Velasco
Following the pricing lead of an industry competitor, other oil companies have also implemented a rollback in their pump prices this week – P1.25 per liter for gasoline and P0.30 per liter for kerosene products.
The oil firms that have enforced the price rollback over the weekend include Seaoil on Sunday (May 12) at 12:01 a.m. followed by Eastern Petroleum on Monday, May 13 12:01 a.m.
The rest of the industry players – Pilipinas Shell Petroleum Corporation, PetroGazz, Flying V, PTT Philippines, and Petron Corporation will implement price reductions of P1.25 per liter for gasoline on Tuesday starting at 6 a.m.
This week’s downtrend in Philippine pump prices was attributed to the softening of oil prices in the world market chiefly due to the hike in inventories in the United States.
In addition, anticipations are also intensifying that the established “production cut recourse” of the major oil producers may already draw to a close by next month.