MAJOR and minor oil players have again
slashed prices of petroleum products to reflect the continuing
drop of world oil prices.
Petron Corp., Pilipinas Shell, and Chevron
reduced by P1 per liter price cut on diesel, kerosene, and
gasoline products effective midnight Friday.
The reduction of the major players followed
that of the independent players Flying V and Eastern Petroleum,
with Flying V reducing fuel price by P1 a liter, and Eastern
Petroleum by P2 per liter, both effective also midnight Friday.
The first to implement the price cut was Sea
Oil, slashing P1 per liter on diesel, kerosene, and gasoline at
10:01 p.m. Thursday.
Total and PTT also slashed P1 per liter off
diesel, kerosene, and gasoline prices effective 6 a.m.
yesterday.
The rollbacks were the 15th since July.
With the price cuts, gasoline is now down by
P19 per liter since July.
Malacañang said the reductions were not
enough considering that crude prices in the world market are
still plummeting.
"We expect it to go down even further," said
Lorelei Fajardo, deputy presidential spokeswoman.
Fajardo said President Arroyo has told
Cabinet members that the prices of gasoline and crude should go
down to the same level last year when Dubai crude prices hit a
similar mark.
As of November 10, Dubai crude October
average fell to $57 a barrel, down by $90.27 from the all-time
trading record of $147.27 on July 11.
Mean of Platts Singapore (MOPS) unleaded
prices as of November 10 have gone down by $50.1 to $57 per
barrel, from September t average of $107.10 per barrel.
MOPS diesel during the period was pegged at $81 per barrel,
$40.04 lower compared to the September average of $121.04 per
barrel. – John Lourenze Poquiz and Regina Bengco
