Four oil firms to slash diesel, kerosene prices by P0.50

(Update) MANILA, Philippines — The three largest oil firms and an independent oil company on Tuesday said they will carry out another round of price rollback for their petroleum products. The "Big 3" - Petron Corporation, Pilipinas Shell, and Chevron Phil. Inc.,- said they will slash their diesel and kerosene prices by P0.50. SeaOil Philippines, meanwhile, said it will match the move of other companies by slashing its kerosene prices by P0.50. The price adjustment will take effect 12:01 a.m. Wednesday. Roberto Kanapi, vice president for Corporate Communications of Pilipinas Shell said they are slashing by 50 centavos per liter their diesel and kerosene to reflect the price movements in the world oil market. Another oil giant Petron Corp. has followed the move of Shell of cutting diesel and kerosene prices also by 50 centavos per liter. "Since the start of the year, diesel and kerosene prices have been rolled back by P6 per liter and P6.50 per liter, respectively," Petron said. Spokesman Tobi Nebrida of Chevron Philippines said the company was also cutting its prices simultaneously with the other firms that have announced the latest rollback. Other companies are expected to follow suit. The rollbacks come as a surprise considering the impending plans of the Organization of Petroleum Exporting Countries (OPEC) to cut production anew in an apparent bid to cause the world oil market prices to stabilize. - GMANews.TV