Pilipinas Shell Petroleum, Eastern Petroleum, Phoenix Petroleum and PTT Philippines on Monday announced that they will roll back the prices of their petroleum products.
Shell said it will reduce the prices of both kerosene and diesel by P0.70 per liter and gasoline by P0.10 per liter effective on Tuesday, January 12, at 6 in the morning .
PTT Philippines will cut pump prices at 6 in the morning, January 12—gasoline by P0.10 per liter and diesel by P0.70 per liter.
Phoenix Petroleum Philippines will lower the prices of diesel by P0.70 per liter and gasoline by P0.10 per liter effective 6 a.m., January 12.
Raymund Zorilla, Phoenix Petroleum vice president for external affairs and business development, said the price rollback reflects downward price movements of petroleum products in the world market brought about by oversupply in the region and the economic slowdown in China, notwihstanding tensions between Saudi Arabia and Iran.
Eastern Petroleum has already reduced the prices of diesel and gasoline by P0.70 and P0.20 per liter, respectively, at 6 in the afternoon, January 11, Monday.
Meanwhile, Unioil will roll back prices of its EuroDiesel products by P0.70 centavos per liter and EuroGasoline products (EuroGasoline 91,95 and 97) by P0.10 centavos per liter.
The price adjustments are VAT-inclusive effective 6:01 in the morning of January 12.