As the world oil prices continue to drop, oil companies again reduced the pump prices of their petroleum products.
Four oil companies, namely, Eastern Petroleum, Petron Corporation, Pilipinas Shell Petroleum Corporation and PTT Philippines, said they will reduce the price of their gasoline, kerosene and diesel by P1 per liter on Thursday.
Both Petron and Shell said their rollback will take effect 12:01 a.m. of Nov. 20 while PTT said it will impose the rollback 6 a.m. of Thursday.
Fernando Martinez, president of Eastern Petroleum and head of the Independent Philippine Petroleum Companies Association (IPPCA) said the decline in the prices of crude in the international market is seen to reflect in "an across the board P1 per liter rollback."
"If no one will rollback, I will definitely implement the rollback," Martinez added.
He also noted that had it not been for the peso depreciation, the rollback could have even be higher at P5 per liter.
Energy Secretary Angelo Reyes said the continued drop in the world oil prices should also result in the decline in the domestic prices and this should also cover the month of December.
Monitoring conducted by the Department of Energy indicated that as of Nov. 17, 2008, the average Dubai crude dropped to US$ 54 per barrel from an October average of US$ 67.
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