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Two more independent players announced a reduction of pump prices of petroleum following the softening of world crude oil prices.
Unioil Petroleum Philippines said it will implement a P0.50 per liter cut in the prices of diesel and kerosene starting 12:01 Thursday. It added gasoline prices will also be reduced by P1 per liter
Total Philippines, on the other hand, said a similar price cut on petroleum products will take effect beginning 6 a.m. Friday.
Total attributed the price reductions to current market forces.
SeaOil earlier announced that it will cut by P1.00 per liter its gasoline prices starting 2 p.m. Thursday.
Eastern Petroleum Corp. followed with a similar announcement.
Fernando Martinez, Eastern Petroleum president, said the prices of the company's gasoline products will be slashed by P1.00 per liter at 6 a.m. Friday.
We have decided that by tomorrow Eastern Petroleum will rollback gasoline prices at 6 a.m., Martinez told ABS-CBN News earlier in the day.
Martinez said the latest price cut is a result of the decreasing prices of crude oil in the world market. World crude oil prices dropped to $118 per barrel on Tuesday, the lowest since May 5 this year.
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