Chevron announces P1 rollback on oil products

MANILA, Philippines - Finally. Chevron Philippines on Thursday night announced that it would also be lowering the prices of its petroleum products this weekend. The announcement came hours after Petron Corporation and Shell Philippines - the two other oil firms in the so-called 'Big 3' - announced that they were rolling back the prices of their petroleum products. In a text message, Antonio "Toby" Nebrida, head of Caltex Coporate Communications said they are reducing their prices by P1 per liter and this will take effect also 12:01 am of Saturday. "[The rollback] is due to market forces," Nebrida said. Militant groups had earlier called for a boycott of the 'Big 3' after noting that small players have announced that they would lower prices of their products and that the 'Big 3' remained silent. As early as Tuesday, independent oil players Eastern Petroleum, Seaoil, Unioil Philippines and Flying V announced a rollback of their prices by P1 per liter on Wednesday. This was the sixth rollback imposed by the oil companies. As of September 4, average price of Dubai crude dropped to $105.30 per barrel from the $112.86 per barrel average in August. - GMANews.TV