MANILA – Oil firms cut pump prices of gasoline by 20 centavos a liter and diesel by 60 centavos per liter effective Tuesday morning.
The rollback was based on the movement of prices of petroleum products in the international market. Department of Energy (DOE) Undersecretary Felix William Fuentebella explained that oil prices are a direct result of trading in the global market depending on the supply and demand.
Flying V and SeaOil will implement the price rollback starting at 12:01 a.m. Tuesday while PTT and Pilipinas Shell Petroleum Corp. and Phoneix Petroleum and other oil firms will enforce the same later by 6a.m.Tuesday. Flying V, Seaoil and Pilipinas Shell will also reduce pump prices of kerosene by 50 centavos per liter.
Fuentebella said the DOE had no direct hand in the rise or fall of local pump prices of petroleum products, adding that, ”For fuel prices, the DOE only follows the dictates of the international market. What we are after are the compliance of petroleum companies and their safety and quality standards.”
The DOE also encourages consumers to check if the pumping stations they patronize adhere to the safety and quality standards it has set. These are indicated by stickers saying that the pumps are calibrated.
The DOE said it respects competition among petroleum companies, but Fuentebella recommends that consumers go to pumping stations that provide safe and quality fuels at a reasonable cost.
”Let them compete but if they don’t comply with safety and standards set by the DOE, that is when we will interfere,” Fuentebella said.