Oil prices rolled back today

MANILA, Philippines - Oil companies roll back pump prices today amid ample supply in the international market.  

Pilipinas Shell Petroleum Corp. announced yesterday it would reduce gasoline prices by P0.55 per liter, kerosene prices by P0.20 per liter and diesel by P0.10 per liter effective 6 a.m.

In separate text advisories, Flying V, Petron Corp. and SeaOil Philippines Inc. said price adjustment will take effect 12:01 a.m.             

The oil firms said gasoline prices would have a P0.55 per liter reduction, kerosene prices by P0.20 per liter and diesel by P0.10 per liter.

Phoenix Petroleum Philippines, PTT Philippines Corp. and Total Philippines Corp. also said gasoline prices would be rolled back by P0.55 per liter and diesel prices by P0.10 per liter effective 6 a.m.       

Meanwhile, UniOil Petroleum Philippines Inc. said its price reductions would take effect 6:01 a.m.

On the other hand, Eastern Petroleum Corp. said its price cuts on gasoline and diesel took effect 6 p.m. yesterday.    

In a text message, Department of Energy-Oil Industry Management Bureau (DOE-OIMB) director Melita Obillo said this week’s price rollback is attributed to sufficient supply and low demand in the world market.