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MANILA, Philippines - The country's biggest oil firms reduced prices at the pump a week after their smaller competitors implemented a rollback in time for the Lenten break.
In separate text messages, Pilipinas Shell Petroleum Corp., Seaoil Philippines, Inc. and Petron Corp. announced price cuts of P0.50 per liter for diesel, P0.30 per liter for regular gasoline and P0.40 per liter for kerosene.
"This is to reflect price movements in the international petroleum market," Abigail L. Ho, Seaoil spokesperson, said.
Alongside the rollback, the three oil companies however hiked unleaded gasoline prices by P0.30 per liter.
Shell and Seaoil will adjust their prices 12:01 a.m. of April 10, while Petron would follow suit 6:00 a.m. on the same day.
Other oil firms have yet to announce any adjustment in their prices.
Fernando L. Martinez, Eastern Petroleum Corp. chairman, said over the weekend that oil companies that had yet to reduce their prices a week ago were likely to do so this week.
He said the company as well as a fellow competitor had advanced their price adjustment ahead of the Holy Week.
Eastern Petroleum as well as Flying V rolled back the price of diesel by P0.50 per liter and gasoline by P0.20 per liter.
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