3 oil firms to cut pump prices Wednesday

MANILA, Philippines - Three oil firms will match the price adjustments initiated by Chevron and Pilipinas Shell by rolling back the prices of their petroleum products on Wednesday. Petron Corp. and independent oil firms PTT and Total Philippines said they would also slash their diesel and kerosene prices by P1 per liter and gasoline prices by P0.50 per liter. Price movement for the three oil companies will take effect 6 a.m. Wednesday. Chevron (formerly Caltex) and Shell earlier made the same announcement. The two oil firms’ price adjustment took effect 6 p.m. today (Tuesday). Chevron further said that it would also cut its E10 prices by P0.50 per liter. The rollback was made after several oil firms implemented two consecutive price hikes last week. In a text message to reporters, Chevron corporate communications manager Antonio Nebrida said the "price adjustments are due to market forces. Shell vice president for Corporate Communications Roberto Kanapi, for his part, said the adjustment was to “reflect the reduction in product costs." - Aie Balagtas See, GMANews.TV