3 oil firms to roll back pump prices Monday

Major oil firm Pilipinas Shell and Chevron Philippines (formerly Caltex), and independent player Flying V will reduce the prices of their fuel products by as much as P1 per liter Sunday. In separate announcements, the three oil firms said they would cut their diesel and kerosene prices by P1 per liter, and their gasoline price by P0.50 per liter. Shell will roll back the price of its V-Power by P0.25 per liter. The price adjustments will take effect 12:01 a.m. Monday.

The rollback was "to reflect the decline in international product prices," according to Shell vice-president for communications Bobby Kanapi. Other oil firms have yet to make similar announcements as of posting time. - Jerrie Abella/KBK, GMANews.TV