Five oil companies will start its bigtime rollback at Php2.25 per liter on Sunday.
Petron Corporation, Pilipinas Shell Petroleum Corporation (PSPC), PTT Philippines Corporation, Seaoil and Chevron Philippines Inc (CPI) will rollback its gas products by Php2.50 and Php2.25 at 12:01 a.m. on Sunday.
Seaoil, PSPC and CPI — with its Caltex brands — will reduce their kerosene prices by Php2.25.
All price movements will take effect at 12:01 a.m. Sunday.
The plunge is yet another effect of Saudi Arabia defending its market share, not only in America, but also in Asia.
Saudi Arabian Oil Co. was reported to have given a huge discount to its Asian customers by US$ 2.00 per barrel, which is below the regional benchmark.
Previously, Energy Department Undersecretary Zenaida Monsada said the oil prices are expected to fall due to Saudi Arabia’s want to maintain a hold of its market share in America.
She said the increasing production of shale oil of the first world country, is helping to keep prices low.
Monsada noted the International Energy Agency (IEA) expects America to become the world’s largest oil exporter by 2017. PNA