Independent oil player to rollback prices on Monday

Independent oil firm Eastern Petroleum is set to slash its oil prices on Monday, its president said on Sunday. In a text message, Eastern Petroleum president Fernando Martinez said gasoline prices would be reduced by 50 centavos per liter while diesel and kerosene prices would be reduced by 75 centavos. The rollback would take effect at 12:01 a.m. on Monday, added Martinez, who attributed the price cuts to the downtrend movement of international oil prices “based on Singapore posting." As of posting time, other independent oil companies and the so-called Big Three – Petron Corp., Pilipinas Shell and Chevron Philippines – have yet to announce whether they would follow Eastern Petroleum’s move. - Sophia M. Dedace/LBG, GMANews.TV