Eastern Petroleum, Seaoil to slash prices Monday

Small players Eastern Petroleum and Seaoil Philippines will slash their oil prices starting Monday. In separate announcements, the two oil firms said they would cut the prices of their gasoline products by P0.50 per liter, while diesel and kerosene prices would be slashed by P0.75 per liter. The rollback would take effect at 12:01 a.m. on Monday. Eastern Petroleum president Fernando Martinez attributed the price adjustment to the downtrend movement of international oil prices "based on Singapore posting." Other oil companies, including the so-called Big Three – Petron Corp., Pilipinas Shell and Chevron Philippines – have yet to announce whether they would follow suit. - Sophia Dedace/KBK, GMANews.TV