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MANILA - (UPDATE 4, 6:25 p.m.) Pilipinas Shell Petroleum Corporation on Monday led off the announcement of a fresh round of price reductions at the pump.
In separate text messages, Shell, Petron Corporation, Seaoil Philippines Inc., Chevron Philippines Inc. and Total Philippines Corporation said they will implement the following price cuts:
- P0.80 per liter for premium and unleaded gasoline;
- P1.40 per liter for regular gasoline;
- P1.20 per liter for kerosene; and
- P0.65 per liter for diesel.
The oil companies will implement the rollback on 12:01 a.m. of September 25.
Eastern Petroleum Corporation likewise announced it will reduce its premium and unleaded gasoline prices by the same amount. However, the prices of diesel, kerosene and regular gasoline would be cut by P0.65, P0.90 and P1.00.
Other oil companies have yet to make similar announcements as this went online. They however follow each other's price adjustments, as they import more than 90 percent of the products sold locally.
Prior to the latest price reduction, oil companies have implemented a year-to-date net increase of P3.43 per liter for gasoline, and decrease of P1.47 per liter for diesel.
With a report from Michelle Orosa-Ople, TV5
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