5 oil companies to cut fuel prices by P2/liter

(Updated 3:03 p.m.) MANILA, Philippines - Amid the continuous fall of oil prices in the world market, major oil firms Pilipinas Shell, Petron Corp., Chevron Philippines and independent small player Eastern Petroleum announced Friday that they will be rolling back gasoline, diesel, and kerosene prices by P2 per liter. Small oil player Seaoil Philippines said it will reduce diesel prices by the same amount. Shell led the latest round of price rollback, with its spokesman Roberto Kanapi announcing early Friday that the company will be bringing down prices of its petroleum products by P2 per liter effective 12:01 a.m. Saturday. "We are pleased to advise that Shell will roll back prices of gasoline, diesel, and kerosene by P2/liter effective 12:01 a.m. 20th December 2008," Kanapi said in the text message. Petron later followed suit, matching Shell's rollback. Petron public affairs officer Raffy Ledesma said their rollback, which will take effect also at 12:01 a.m. Saturday, was made to reflect the drop of oil prices in the world market. "Petron is pleased to announce a P2/liter rollback in the prices of gasoline, diesel, and kerosene effective 00:01 December 20 to reflect international oil prices," said Ledesma. "Since August, gasoline and diesel prices have been reduced by a total of P27.50 per liter and P24.50 per liter, respectively," he added. Chevron spokesman Tobi Nebrida relayed his own rollback announcement via text message, the details of which were similar to those of Caltex and Petron. Although Shell and Petron were the first to announce a rollback, independent oil firm Seaoil Philippines will beat the bigger oil firms in implementing the rollback, saying it will reduce diesel prices by P2 per liter starting 2 p.m. Friday. "Seaoil is pleased to announce that it will rollback the price of its diesel product by P2/liter," Seaoil spokesman Rey Jimenez said in a text message sent to reporters. Meanwhile, QTV's Balitanghali reported that Eastern Petroleum would also be slashing its gasoline and diesel products by P2 per liter, also effective 12:01 Saturday. The announcements for the fuel price rollbacks came after militant transport groups Pasang Masda and Pinagkaisang Samahan ng Tsuper at Operator Nationwide (Piston) staged a protest caravan in Makati City to demand a rollback in diesel prices to P26 per liter. - Johanna Camille Sisante, GMANews.TV with reports from Mark Merueñas