Oil companies slash pump prices

Posted at 09/03/2012 3:47 PM | Updated as of 09/03/2012 5:29 PM

MANILA, Philippines (2ND UPDATE) - Oil companies are reducing the prices of its oil products at 12:01 a.m., Tuesday (September 4).

SEAOIL said the prices of its premium and unleaded gasoline will be slashed by P0.90 per liter, while the price of regular gasoline will be lowered by P0.20 per liter. 

Petron will implement a P0.90/liter (VAT incl) rollback in the prices of Blaze 100, XCS, and Xtra. At the same time, prices of Pinoy gasoline and regular gasoline will decrease by P0.20/liter.  

Eastern Petroleum followed suit, implementing similar price adjustments for its oil products.

Total is implementing similar price adjustments but this will take effect at 6 a.m., September 4. 

Meanwhile, Unioil said it will rollback prices on Quantum and unleaded by P1 at 12:01 a.m. 

The oil companies said the rollback reflects adjustments in the international market. - With report from Alvin Elchico, ABS-CBN News