2 small oil players to cut pump prices

Posted at 01/31/2010 2:15 PM | Updated as of 01/31/2010 2:37 PM

MANILA, Philippines – Two independent oil players will slash the prices of their diesel and kerosene by P0.75 per liter and gasoline by P0.50 per liter effective Monday.

Eastern Petroleum Corp. and Seaoil Philippines announced on Sunday that the price adjustments will take effect on February 1 at 12:01 a.m.

This is to reflect the decrease in product prices in the international market, Seaoil said.

“This is the 3rd consecutive rollback for the year, reflecting movement in international price finish product based on Singapore posting," Eastern Petroleum president Ferdinand Martinez added in a text message to ABS-CBN News.

Earlier, another small oil firm, Flying V,  announced that it would reduce its fuel prices. 

Effective 12:01 a.m. on February 1, Flying V's gasoline prices will go down by P0.50 per liter, and diesel by P0.75 per liter.