More oil companies cut prices

At least five more oil firms rolled back the prices of their products effective Sunday, to reflect the lowering prices of oil in the world market. Chevron, Shell, Seaoil and PPP joined Petron in rolling back prices of their products effective 12:01 a.m., radio dzBB reported. Phoenix Petroleum also rolled back prices of their products starting 6 a.m. The rollbacks included 45 centavos per liter for unleaded; 90 centavos per liter for regular gas; and 35 centavos per liter for diesel and kerosene. It was the seventh straight week that fuel firms rolled back prices of their products after world prices of the commodity went down, the report said. On Saturday, Petron announced it was implementing yet another price rollback for some of its products. The rollbacks earlier this month, particularly for diesel, allowed the Land Transportation Franchising and Regulatory Board to withdraw a 50-centavo provisional fare hike for jeep drivers. It effectively brought down the minimum jeep fare from P8.50 to P8. — LBG, GMA News