PHOTO
The Philippine oil refinery complex of Petron Corp. is seen on the coast of Bataan province nortwest of Manila on February 10, 2009. Petron Corp. on February 27, 2009 reported a 3.92 billion-peso (80.7 million USD) net loss for calendar year 2008, blaming crude price volatility for plunging it into the red. The wild swings in crude oil prices, from a record 141 dollars a barrel in July 2008 to 40 dollars in December, saw Petron incur significant losses on the value of its inventory, it said in a statement. AFP PHOTO/ROMEO GACAD (Photo by Romeo GACAD / AFP) Image used for illustrative purpose.
Oil firms are set to implement a rollback in pump prices on Tuesday, May 7.
In separate advisories, CleanFuel, SeaOil, PetroGazz and Shell announced the following price adjustments scheduled for Tuesday:
Diesel prices - Down by P0.90 per liter
Gasoline prices - Down by P0.75 per liter
Kerosene prices- Down by P1.05 per liter
Last week, oil companies implemented mixed adjustments in pump products. Diesel prices were cut by P0.45 per liter while gasoline prices increased by P0.25 per liter.
Kerosene prices also saw a decrease of P0.90 per liter last week.
SeaOil, PetroGazz and Shell oil price adjustments will take effect at 6 a.m. on Tuesday, while price adjustments for CleanFuel will be implemented at 4:01 p.m. on the same day.
Other oil firms have yet to announce their price adjustments.
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