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UniOil cuts kerosene, autogas prices


MANILA, Philippines - Another small oil firm cut its kerosene price Thursday to follow an earlier move by colleagues. Unioil Petroleum Philippines, Inc. cut kerosene prices by P7.60 per liter and autogas — liquefied petroleum gas for vehicles — by P1/liter. Unioil followed the lead of Total Philippines Corp. and Eastern Petroleum Corp. which cut autogas prices early this week. Its autogas now retails at P18.30/liter while kerosene sells at P39.68/liter. More price cuts Meanwhile, consumer watchdog Consumer & Oil Price Watch Chairman Raul T. Concepcion said: "Pump prices must reflect [the big drop in oil prices]. But they do not." He noted oil prices, from a peak of $140 per barrel in July, has fallen by 67% as of Dec. 12. Mr. Concepcion said reflecting the 67% reduction in pump prices will have several positive effects such as an additional fare cut, while prices of prime commodities will remain stable because of lower transport and hauling costs. He added there has been a substantial decrease in ocean freight charges, a significant cost component in the pricing scheme of oil companies. Given recent developments, the Energy department will reconvene oil firms today on the price adjustments. The pump price reduction this month has been limited to P1-P3/liter for gasoline and P1 for diesel. — BusinessWorld
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