MANILA, Philippines – Following the move of small oil players to roll back gasoline prices, the country’s three biggest oil companies on Thursday afternoon said they will also implement a similar reduction on their oil products.
GMA News reported said that effective early Friday morning, Shell, Petron and Chevron will roll back gasoline prices by P1 per liter. On the other hand, diesel and kerosene prices will be reduced by P0.50 per liter.
Pilipinas Shell president Bobby Kanapi said that the decline in oil prices in the world market made it possible for them to offer the public gasoline price reductions.
For his part, Toby Nebrida, Chevron corporate communications manager, said: "This is to reflect the continuing decrease in the prices of fuel in the international market."
Also on Thursday, Seaoil and Eastern Petroleum reduced their gasoline prices by P1 per liter effective 2 p.m. and 6 p.m., respectively.
Seaoil also reduced its price of diesel by P0.50 effective 4 p.m. Thursday. On the other hand, Eastern Petroleum would reduce its diesel price by P0.50 effective early Friday morning. - Sophia Dedace, GMANews.TV
source: http://ph.news.yahoo.com/gma/20080807/tph-big-3-oil-firms-to-roll-back-gasolin-d6cd5cf.html
5 comments:
This is good that the oil companies are trying to make their consumers happy by reducing prices. There is a bit of burden lifted off of our shoulders because the prices are getting so high it's outrageous. By having a reduced price, we can feel a bit more at ease and be happy with what we have now.
Hope this would continue until the price would be affordable again. At least we are seeing improvements which gives us hope for the betterment of the country's economy.
This is good news. Who wouldn't want a price roll back on gas?
I am hoping that prices in the world market will continue its downward trend. Thus, this will affect the local prices of petroleum. Local oil companies, as a result of this downward trend, will then bring down prices of their petroleum products.
And with this, consumers will have extra money for their other necessities. :)
Hmm can't really say this is good cause most likely when a roll back occurs after a while the price increases more than what has been decreased.
No, this is not good news. Roll backs only conceal the hidden truth about the fuel costs and are only used to prevent customers from purchasing the fuel products. And that hidden truth is the possibility that fuel prices increase once more. So whether we like it or not, no matter how much deduction the roll back gives, it will still not affect the gradual increase of these fuels.
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