P1/liter rollback in oil prices
By Abigail Kwok
INQUIRER.net
First Posted 08:34:00 09/26/2008
Filed Under: Consumer Issues, Oil & Gas - Downstream activities
MANILA, Philippines -- (UPDATE 2) Oil companies implemented another round of price rollbacks early Friday morning, despite economic fears over the US financial crisis that have raised the cost of crude in the world market to $120 a barrel.
Pilipinas Shell, Petron Corp. and Chevron Philippines (formerly Caltex), reduced the price of diesel, gasoline, and kerosene by P1 per liter.
Shell rolled back its prices at 8 a.m. Friday, Petron at 9 a.m., and Chevron at 12 noon, according to Bobby Kanapi, vice president for communications; Virginia Ruivivar, spokesperson; and Toby Nebrida, communications manager, respectively.
Independent oil players SeaOil Philippines and Eastern Petroleum, through its president Fernando Martinez, also announced a P1 per liter rollback for the same products on the same day.
“It's our weekly assessment and we felt we can still roll back prices,” Kanapi said in a phone interview.
He added that the company could “still afford” to cut back oil prices this week, despite the uncertainty in the cost of crude in the world market.
But Kanapi also said that they could not speculate if another round of oil price cutbacks would be implemented next week.
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