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Friday, March 29, 2024

Petron, shell lead price cuts

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Petron Corp. on Saturday announced that consumers can expect a price rollback of P0.10 per liter for gasoline and kerosene and P0.25 per liter for diesel effective 6 a.m. Tuesday to reflect the movement of world oil prices.

Pilipinas Shell followed suit.

“These reflect movements in the international oil market,” Petron said.

Unioil Philippines, for its part, said in its weekly price forecast that fuel prices were expected to go down by P0.20 to P0.30 per liter for diesel and P0.10 to P0.15 per liter for gasoline.

Last Tuesday, the oil firms cut the price of gasoline by P0.45 per liter and diesel by P0.10 per liter, the second consecutive week of price rollback for gasoline and the third consecutive week for diesel. The oil firms did not adjust kerosene prices this week.

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The oil firms, however, raised the price of liquefied petroleum gas (LPG) by P0.24 to P0.30 per kilo effective Nov. 1. The oil firms adjust LPG prices every first week of the month.

They also raised the price of auto LPG prices by P0.20 per liter.

Last week, the Department of Energy warned the public against companies wrongfully claiming to be legitimate players of the downstream oil industry.

DOE said endorsements to the Securities and Exchange Commission issued by the agency, through its Oil Industry Management Bureau merely serves to inform the commission that the department interposes no objection to the registration of companies wishing to engage in the downstream oil business. 

“However, please note that under the provisions of Republic Act 8479, otherwise known as the Downstream Oil Industry Deregulation Act of 1998, these SEC-endorsed companies must subsequently notify and submit documentary requirements to the DOE-OIMB before being considered legitimate downstream oil players,” it said.

It said non-compliance will render all types of activities and representations of these companies illegal. 

DOE also said that it is an acceptable industry practice for legitimate downstream oil players to source their funds from loans duly approved by banks and other recognized lending institutions, or from equity contributions duly notified to and approved by the SEC and/or the Department of Trade and Industry.

“Therefore, other funding practices aside from the foregoing, especially those that are inviting investments through the promise of unbelievable profit returns should be fully investigated to prevent fraudulent practices, such as those used in “ponzi-like” schemes,” it said.

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