Chevron, Shell match Petron's P0.50/liter rollback

MANILA, Philippines – Two major oil players Chevron Philippines and Pilipinas Shell on Tuesday matched Petron Corp.'s cut back on oil prices, both rolling back prices of their petroleum products by P0.50 per liter. In a phone interview with GMANews.TV, Chevron corporate communications manager Antonio Nebrida said the company implemented its price cut on diesel, gasoline, and kerosene as of 12:01 a.m. Tuesday. For his part, Shell vice president for communications Roberto Kanapi said in an interview on dzBB radio that their P0.50 per liter rollback for the same oil products also took effect 12:01 a.m. Tuesday. Kanapi also said another price rollback may be expected within this week, owing to the downward trend in international oil prices in previous weeks. Kanapi said starting this year, the company will reflect pricing trend in local pump prices on a weekly basis. On Monday evening, Petron Corp. announced that a rollback of the same amount for diesel, gasoline, and kerosene prices will be effective also 12:01 a.m. Tuesday. As of this posting, other oil firms have yet to announce whether they will match the major oil firms' price movement. - Sophia Dedace, GMANews.TV