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Eastern, SeaOil reduce oil prices by P0.50/liter

By Abigail Kwok
INQUIRER.net
First Posted 10:37:00 09/17/2008

Filed Under: Oil & Gas - Downstream activities

MANILA, Philippines -- Taking their cue from the continuous decline in world oil prices, two independent oil players have implemented an oil price cut back early Wednesday morning.

Eastern Petroleum reduced its gasoline, diesel, and kerosone prices by P0.50 per liter at 5 a.m. Wednesday, said Fernando Martinez.

Meanwhile SeaOil implemented the same price rollbacks at 6 a.m., said president Francis Glenn Yu.

Current world oil prices have fallen below the $90 per barrel mark after reaching the peak of $147 per barrel last June.

The three major oil companies -- Pilipinas Shell, Petron Corp., and Chevron -- have yet to announce oil price rollbacks this week.



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