Oil firms to slash fuel prices on Monday

Posted at 10/27/2012 4:21 PM | Updated as of 10/28/2012 4:32 PM

MANILA, Philippines (2nd UPDATE) – Petron Corp., Pilipinas Shell and several independent oil players announced on Saturday that they will cut fuel pump prices starting Monday.

Starting 12:01 a.m. on Monday, prices of Petron's Blaze 100, XCS Plus and Extra will go down by P2.15 per liter, while prices of Pinoy Gasoline and regular will be cut by P1.70 per liter.

Price of Petron’s Turbo Diesel will decrease by P1.35 per liter, and the price of kerosene also by P1.35 per liter.

Eastern Petroleum, on the other hand, will roll back prices of its Premium Intensity gasoline and Unleaded by P2 per liter.

Diesel and kerosene will be slashed by P1.35 and regular gasoline will be cut down by 1.75 per liter.

Pilipinas Shell, SEAOIL and Phoenix Petroleum Philippines also announced that prices for its unleaded gasoline will be slashed by P2.15 per liter; diesel and kerosene by P1.35 per liter; and regular gasoline by P1.70 per liter.

Phoenix Petroleum Philippines will roll back its prices effective 6 a.m. on Monday while adjustments for Shell and SEAOIL will be effective at 12:01 a.m.

The prices will be adjusted to reflect movement in the international market, the firms said. -- Reports from Henry Atuelan, dzMM; Alvin Elchico, ABS-CBN News