Oil giants to cut fuel prices starting midnight

Second rollback this week
Aug 27, 2010

Fuel prices are going down for a second time this week as the price of oil continues to slide in the international market.

The country's biggest oil players have announced plans to roll back the price of fuel by 50 centavos on August 28.

Pilipinas Shell and Chevron Philippines (formerly Caltex) are implementing their rollback at 12:01 a.m. Petron's rollback will take effect at 6 a.m.

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

Other oil firms have yet to make a similar announcement as of this posting.

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