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Shell, Eastern Petroleum to roll back petroleum prices


Pilipinas Shell Petroleum Corp. and Eastern Petroleum Corp. will roll back the prices of their fuel products by P1 per liter effective at midnight Tuesday. Shell's vice president for communication Bobby Kanapi said Monday the company is slashing the prices of its major products — diesel, kerosene, V-Power, premium and unleaded gasoline — by P1 per liter. Meanwhile, Eastern Petroleum CEO Fernando Martinez said in a GMA Flash Report that they are cutting down the prices of all of their petroleum products by P0.75 per liter. Video embed link:
For the latest Philippine news stories and videos, visit GMANews.TV The price reductions of Shell and Eastern Petroleum products will take effect at 12:01 a.m. on Tuesday, August 17. In a text message, Kanapi said the reduction was "to reflect the decline in international product prices." While the peso weakened against the US dollar, Martinez said that the prices of petroleum products in the world market went down. Also, Flying V chair Ramon Villavicencio said the company should have implemented a lower rollback due to higher import prices of cocomethyl ester (CME) and ethanol. "We were supposed to have an P0.80 price cut because of increase in CME and ethanol costs brought about by higher export prices of coconut and sugar. But because of competitive forces, we will adjust our price rollback according to market," he said. —JE/VS, GMANews.TV

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