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Oil firms lowering prices on weekend

Posted by Abi Kwok on August 22, 2008

By Abigail Kwok
First Posted 16:41:00 08/22/2008

MANILA, Philippines — Oil companies on Friday announced a rollback in fuel prices this weekend.

In a phone interview, Pilipinas Shell vice president for communications Roberto Kanapi told that effective 12:01 a.m. Saturday, the company will be rolling back the prices of all petroleum products by P1 per liter.

Earlier in the day, Eastern Petroleum president Fernando Martinez announced that they will reduce diesel and gasoline prices by P0.50 per liter on Saturday.

The recent round of price rollbacks was made possible by the continued drop of world oil prices, which have plummeted to around $100 per barrel from over $140 last July.

But Kanapi said they could not say until when they will be rolling back oil prices, because “we cannot speculate.”

He added that the chances of a one-time major price rollback were slim, since they evaluate oil prices on a weekly basis.

“We will have to take that into consideration because our assessment is on a weekly basis,” he added.


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