• Fuel prices rolled back by as much as P2.25 this weekend

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    A big cut in the prices of fuel could take place this weekend, according to industry insiders.

    One source told The Manila Times that an average of P2 per liter rollback in pump prices is likely because of the continued slide of crude prices in the world market.

    The price of diesel may be slashed by around P2 per liter, the source said in a text message. For gasoline, the rollback may be between P2.25 and P2.40 liter.

    The information was confirmed by another industry player who also refused to be identified.

    Oil companies said they were waiting for the result of the final trading on Saturday.
    If the price cut pushes through, it will be second time this month that prices of petroleum products were rolled back.

    Pilipinas Shell, Petron, Phoenix Petroleum Philippines, Chevron Philippines, PTT Philippines, Seaoil and Eastern Petroleum on Tuesday rolled back prices of diesel by 50 centavos per liter.

    The big players—Shell, Chevron and Petron—also lowered prices of kerosene by 75 centavos per liter.

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    1 Comment

    1. Rosauro Feliciano on

      The true state of the oil glut in the world is not because of OPEC’s failure to cut production. The situation is similar to the cost of making a call when we were in a hotel in the 1970s and before when we travel from one country to other countries as before the advancement of electronic engineering discipline. The perfection of harnessing oil from shale is comparable to the perfection of electronic communication technology. There have been countless of good things America and other Western countries and of course including Japan brought into the world to ease poverty. I may say that America is not a country of greed, the progress brought about by its people would have been controlled by its government and even perhaps conquer the world by monopolizing technologies. The oil production from shale, which is a dark fine-grained sedimentary rock composed of layers of compressed clay, silt or mud was very difficult to harness but the people in a free society at all levels are the essence of the government that their full involvement in nation building enable ALL of us not only that their government is benefiting now. Currently the price of this precious commodity is benefitting the entire humanity like when we are communicating our loved ones through the facilities of the internet, skype,vibers and many more. Thanks to the electronic engineering discipline that we can enjoy freely.