• Oil firms roll back pump prices

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    Oil firms will roll back prices of petroleum products on Tuesday.

    In separate advisories, Pilipinas Shell, Petron Corp., Seaoil, PTT Philippines and Phoenix Petroleum Philippines said they will lower diesel prices by 65 centavos per liter.

    They will also reduce prices of gasoline by 70 centavos per liter and kerosene by 65 centavos per liter.

    PTT Philippines and Phoenix Petroleum will implement the rollback at 6 a.m., Tuesday, while other oil firms will lower prices effective 12:01 a.m. of the same day.

    According to the oil companies, the latest rollback was driven by continued downward trend of petroleum prices in the international market.

    Last week, oil firms also slashed gasoline prices by P1.05 per liter.

    They also lowered diesel prices by 15 centavos per liter and kerosene by 20 centavos per liter.

    But transport group Pinagkaisang Samahan ng mga Tsuper at Operators Nationwide (Piston) belittled the latest oil price adjustments.

    Piston president George San Mateo said they are dismayed by the price reductions and that they are asking for a “big-time” rollback.

    San Mateo added that prices of diesel should have been P18 per liter and gasoline, P23 per liter.

    He said they will hold protest actions until the last State of the Nation Address (SONA) of President Benigno Aquino 3rd this month to call for scrapping of the value-added tax on petroleum products.

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