OIL PRICES SLASHED
A week after implementing a big-time price hike, local oil firms yesterday announced fuel price rollback.
Oil firm Chevron Philippines at 12:01 a.m. today will reduce the prices of their kerosene by P1.10 per liter, diesel by P0.95 per liter and gasoline by P0.70 per liter, along with Clean Fuel which do not sell kerosene.
Petron Corporation, Pilipinas Shell and small oil players Seaoil Philippines and Flying V also notified their consumers of the same fuel price adjustments starting at 6 a.m.
Independent oil firms PTT Philippines, Eastern Petroleum, Phoenix Petroleum, Total Philippines, Unioil and Petro Gazz, which do not carry kerosene, also will implement a price cut of their products by the same amounts at 6 a.m.
PTT Media Relations officer Jay Julian said the latest price adjustment is in connection with the worries about global demand, a talk about impending recession in Japan and Germany and the possibility that US interest rates cuts will take longer.
