Saturday, November 1, 2008

Diesel and Gas Prices Down By P5, P2 Respectively

There was a time when a thousand pesos can only fill the gasoline tank with 15 liters of diesel. With the successive rollbacks in fuel prices the latest of which was the P5 and the P2 rollback in diesel and gas prices respectively, a thousand pesos can now fill the gas tank with around 26 liters of fuel.

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.

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