Oil firms reverse pump prices after 3 weeks of surges

MANILA -- After three consecutive weeks of price surges, oil companies are as of now letting motorists heave a sigh of relief, as they announce a rollback in pump prices effective Sunday, June 3.

The oil firms' announcements came Saturday, ahead of their usual Monday announcement of price changes.

Phoenix Petroleum even went ahead on Friday, reducing its gasoline prices by PHP1.40 per liter and diesel by PHP1 per liter effective 6 p.m. on June 1.

Effective 12:01 a.m. on June 3, SEAOIL will implement a price rollback of PHP1.20 per liter for gasoline, PHP0.90 per liter for diesel, and PHP1 per liter for kerosene.

Caltex, TOTAL, PTT Philippines, Shell, and Petron will implement the same price adjustments, effective 6 a.m.

The oil firms said the price adjustments reflect the movements in the international petroleum market, which had become volatile of late.

The Department of Energy (DOE) earlier instructed the Philippine National Oil Company - Exploration Corporation (PNOC-EC) to sell petroleum products sourced from non-OPEC members and sell these to independent petroleum dealers.

This move aims to enhance the competition among the oil industry players, and to stabilize domestic oil prices, according to the DOE.

The agency is also planning to establish a strategic oil reserve to protect consumers from the volatile international oil prices while also securing the country's oil supply. (PNA)

Source: Philippine News Agency