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7 oil firms to slash diesel, kerosene price


(Updated) MANILA, Philippines – Independent oil firm Seaoil on Monday led a number of oil companies in implementing a price reduction in their pump fuels, with the “Big Three" and other small oil companies expected to follow suit. Seaoil spokesman Rey Jimenez in a text message to reporters said their P1 per liter price rollback – which started at 6 p.m. Monday – covered their diesel and kerosene products. Major oil firms Pilipinas Shell, Chevron (formerly Caltex), and Petron Corp, as well as PTT, and Total all said they are reducing their diesel and kerosene prices by P0.50 per liter. Shell, Chevron, Petron and PTT’s price cuts will take effect at 12:01 a.m. of Tuesday while Total would lower its prices at 6 a.m. of the same day. Meanwhile, Eastern Petroleum’s price cut – which begins at 12:01 a.m. Tuesday – will also be P0.50 per liter, but only covers diesel prices. The price cut on diesel and kerosene, however, came hand in hand with a price hike on gasoline. Shell, Chevron, PTT, and Total all said they would be implementing a P0.50 price hike on gasoline. But unlike its fellow giants, Petron opted not to adjust their gasoline prices. “We choose not to effect the same (price hike) in our gasoline products," Petron spokesman Rafael Ledesma told GMANews.TV over the phone. When asked what prompted Petron to adjust their diesel and kerosene price, Ledesma said, “We are adjusting based on the market forces." - GMANews.TV
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