Unioil to slash pump prices

Independent oil player Unioil Petroleum Philippines Inc. will roll back the prices of its petroleum product Sunday night in accordance with President Gloria Macapagal Arroyo's directive to bring back prices of petroleum products to their October 15 levels. Unioil said it would cut the prices of its diesel by P2 per liter, unleaded gasoline by P1.25 per liter, regular gasoline by P0.85 per liter, and kerosene by P1.50 per liter. The price adjustments will take effect 10 p.m. Sunday, Oct. 25. "This announcement was made in adherence to the directive made by President Arroyo to respond immediately to the clamor of Filipino people to prevent unreasonable increases in the prices of petroleum during a state of calamity," said Leah Flor, Unioil's communications officer, in a text message. Luzon is currently under state of calamity as it grapples with the devastation caused by cyclones "Ondoy" and "Pepeng," which left close to 900 people dead and billions worth of damages in agriculture and infrastructure. - GMANews.TV