4 oil firms to roll back pump prices

Four oil companies, including the three largest oil firms in the country, will roll back their pump prices just past midnight Tuesday. In separate text messages, Petron Corporation, Pilipinas Shell, and Chevron Philippines said they will cut their diesel and kerosene prices by P1.00 per liter, and their gasoline prices by P0.50 per liter. Thailand-based PTT Philippines, for its part, would implement a P1.00 per liter cut on its gasoline and diesel products. All the price reductions will take place 12:01 a.m. Tuesday, except for Petron's, which will take effect 6 a.m. Tuesday. This would be the first time that oil firms will implement a rollback since Malacañang revoked the price cap on fuel products last month. Roberto Kanapi, Shell’s vice president for communications, and Raffy Ledesma, Petron's corporate communication manager, both said the decline of oil costs in the international market prompted their companies to roll back their prices. – Aie Balagtas See/JV, GMANews.TV