Oil firms cut fuel prices by P1

Second rollback this week
May 21, 2010

Oil firms slashed P1 off fuel prices on Friday as the global price of petroleum products continue to fall.

Companies which have reduced gasoline, diesel and kerosene prices by P1 a liter include Petron Corp., Seaoil Philippines, and Unioil Petroleum, GMANews.TV reported.

Chevron Philippines (formerly Caltex) also implemented a similar rollback on its fuel products.

"Price movements (are) due to continued decrease in MOPS (Mean of Platts Singapore) prices," Chevron spokesperson Toby Nebrida said in a text message. MOPS is a benchmark used by local firms in pricing oil products.

The Friday rollback is the second time oil firms reduced fuel prices after a P1.25 cut implemented on May 17.

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