Seaoil rolls back diesel prices by P2/liter

MANILA , Philippines - Independent oil firm Seaoil Philippines on Tuesday implemented a P2 per liter rollback on its diesel products and a P1/liter cut on its gasoline and kerosene products. Seaoil spokesman Rey Jimenez said in a text message that the price adjustment took effect at 2 p.m. A radio report said that with the reduction, Seaoil’s diesel is now being sold at P34 a liter while its gasoline price stands at P38 a liter. The report quoted the Department of Energy as welcoming Seaoil’s rollback and encouraged the independent oil company’s competitors to follow suit. Seaoil’s oil price cutback happened only hours after Executive Secretary Eduardo Ermita urged oil firms anew to be “sensitive" to the situation that Filipinos are facing in light of the upcoming Christmas holiday. Ermita said given the oil pump prices’ trickle-down effect on the price of electricity, the oil players should coordinate with the government to help bring down the price of petroleum. Oil prices have already plummeted below the $54 per barrel level on Tuesday in Asia . Mark Merueñas, GMANews.TV