Chevron, Shell, Seaoil to adjust pump prices

MANILA, Philippines – Major oil players Chevron Philippines and Pilipinas Shell, as well as independent firm Seaoil Philippines, on Monday announced their latest price adjustments in their diesel, kerosene, and gasoline. In a text message to reporters, Chevron corporate communications manager Antonio Nebrida and Seaoil spokesman Rey Jimenez both said they would reduce their diesel prices by P0.50 per liter while their kerosene prices would be slashed by P1 per liter. Meanwhile, radio dzBB reported that Shell would also implement the same adjustments on the two petroleum products. The three oil companies said the price adjustments would be effective 12:01 a.m. Tuesday. Despite the price cutbacks, Shell, Chevron, and Seaoil would still hike gasoline prices by P0.50 per liter. Shell even matched the liquefied petroleum gas (LPG) price hike of another major oil player, Petron Corp, which increased their LPG prices by P4 per liter. Shell hiked their LPG prices by P2 per liter, which would make an 11-kilogram LPG tank P22 more expensive than its previous price. As of posting, other oil firms have yet to announce whether they will match the three oil firms’ latest price adjustments. Aside Petron, the LPG Marketers Association (LPGMA) has also hiked its LPG prices by P5 per liter, adding P55 in the price of an 11-kg tank. LPGMA President Arnel Ty said that the rising contract prices in the world market would also force them to further implement at least P2 per liter of LPG price hike within February. - with Sophia Dedace, GMANews.TV