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MANILA, Philippines - Petron Corp. on Monday announced a reduction in its prices following a rollback implemented by smaller oil companies over the weekend.
Petron said it will reduce prices by P0.70 per liter for premium gasoline, P0.90 per liter for regular gasoline, P0.60 per liter for diesel and P0.50 per liter for kerosene effective 12:01 a.m. May 8.
"This is to reflect movements in the international oil markets," the country's biggest oil refiner-retailer said.
The price cut comes on the heels of a rollback implemented by Flying V and Unioil Petroleum Philippines Inc.
Other oil companies have yet to announce if they would also adjust their prices accordingly as this went online.
Flying V decreased its prices by P0.50 per liter for gasoline and P0.30 per liter for diesel, while Unioil reduced its prices by P0.60 per liter for both products over the weekend.
Zenaida Y. Monsada, Department of Energy director, said the two oil firms' rollback could increase further because their adjustments only took into account international price movements from Monday to Thursday last week.
Local oil players normally adjust their prices based on the previous week's average movement abroad where they import nearly all of their products.
Monsada said the world oil prices continue to soften amid talks between Iran and Western powers, whose standoff over the former's nuclear program threatened to disrupt supply from the Middle East at the start of the year.
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