The Philippines' three biggest oil firms said Thursday they will roll back their prices of diesel, gasoline, and kerosene by 1 peso (2 U.S. cents) per liter, following the downward trend of the oil costs in the world market.
Pilipinas Shell, Petron and Chevron Philippines have all confirmed that their price reduction will take effect at 12:01 a.m. Friday (1601 GMT), Philippine TV GMA News reported.
Oil prices plummeted Wednesday in Asia, falling to at least 86 dollars a barrel as investors feared the United States credit crisis will drag down global economic growth and restrain demand for crude.
For the month of September, all the three firms have implemented a total of 4 pesos (8 cents) per liter reduction on their pump prices.
Smaller oil firms, Seaoil and Eastern Petroleum, cut the prices of oil products by 0.50 peso (1 cents) per liter earlier this week, and they plan to implement another 0.50 per peso rollback for oil products on Friday.
Source:Xinhua
|
Comment
Tell A Friend
Print Format
Save Article