MANILA -- In a move that is almost unnoticed due perhaps to the hustle and bustle of the holidays, local oil companies have again started rolling back the prices of liquid fuels beginning Saturday, December 22.
In an announcement, PTT Philippines said that it had decreased pump prices of both unleaded gasoline and diesel by PHP1 per liter earlier that same day. The Thailand-based oil firm's early price rollback effectively beat the competition to the punch.
Meantime, Eastern Petroleum Corp. chairman Fernando Martinez said in a text message to PNA that his company would be implementing a similar price reduction but it will be effective at the stroke of midnight on Tuesday, December 25.
Similarly, Petron Corporation, a giant player in the local oil industry, will likewise slash PHP1 per liter off its gasoline and diesel products (regular and premium), as well as on kerosene, also effective on Christmas Day.
Other oil companies reportedly have implemented or will implement similar price adjustments anytime now, as is usually the case in the local oil industry.
Oil market sources say the latest pump price reduction only reflects the continued softening of world crude prices, which are simply being passed on to the Filipino consumer.
This, after an attempt by the Organization of Oil Producing and Exporting Countries (OPEC) to arrest declining international prices of crude by reducing production earlier this month, apparently fizzled out. (PNA)
