MANILA, Philippines – Oil firms announced last night they would roll back the prices of gas by P1.50 per liter and diesel by 25 centavos per liter effective today.
Piipinas Shell and Chevron said they would reduce their prices at 12:01 a.m. today, while Petron and Total Philippines would do the same at 6 a.m.
Seaoil Philippines Inc. rolled back its prices of gas and diesel by P1.50 and 25 centavos per liter, respectively, yesterday.
The oil companies said the reduction in gas and diesel prices “reflected lower product cost” in the international market.
Shell also rolled back its kerosene by 25 centavos per liter and liquefied petroleum gas (LPG) by 40 centavos per kilogram.
Total and Petron said it would roll back their kerosene price by 25 centavos per liter today.
Late last week, the Department of Energy (DOE) met with oil firms to ask them to explain the claim by the National Economic and Development Authority that their products are overpriced by P8 per liter.
During the meeting, the DOE said gas prices should be at P36.66 per liter while diesel should be at P30.27 per liter based on March and April international prices.
As of April 27, the price of unleaded gasoline in the domestic market stood from P31.75 per liter to P39.57, while diesel prices ranged from P23.85 to P30.50.
Energy Secretary Angelo Reyes will call another meeting this month to clarify this issue.
DOE monitoring as of April 28 showed that contrary to the price trend during the second and third week of this month, oil prices have fallen back since last week. Dubai crude price declined more than $2 per barrel. The same movement was observed in the
international prices of gasoline and diesel, which also dropped by more than $3 and $2, respectively.
Oil companies have adopted a weekly price adjustment to be “more transparent” in oil pricing, officials said.
Analysts said the bleak company results in the first quarter could dent optimism about the recovery of the global economy. –Donnabelle Gatdula, Philippine Star
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of Forced Labour and Freedom of Association protocols.
#WearMask #WashHands
#Distancing
#TakePicturesVideos
