Diesel and Gas Prices Down By P5, P2 Respectively
Last Thursday's rollback was the biggest so far for big oil companies Petron, Shell and later on Caltex. This is nothing new for small oil companies like Unioil, Seaoil, Phoenix and the likes because the said companies have lowered their fuel prices in bigger chunks ever since world fuel prices have gone down.
Fuel prices in the world market was at its highest last July, 2008 but it went down by over 50% and is now pegged at $60 per barrel. Philippine fuel prices, especially those from the Big 3 (Caltex, Shell, Petron) have only been reduced by a small percentage to the detriment of the motorists who were expecting a bigger reduction.