Unioil Petroleum Cuts Gasoline Prices by Up to P4.75/liter

Independent oil player Unioil Petroleum Philippines Inc. Monday slashed the prices of its gasoline by a hefty P4.75 a liter, diesel by P3.50 a liter, and kerosene by P1.50 a liter—the biggest rollback yet this year.

Unioil general manager Chito Medina-Cue Jr. said the drastic drop was due to the continuous downward trend in world crude prices and the company’s commitment to sell high quality petroleum products at fair prices.

With the rollback, Unioil’s unleaded gasoline will retail at P35 a liter; its Quantum Premium gasoline at P35.44; regular unleaded, P34.66; Pure Diesel Plus (B1), P27.54; and kerosene, P38.44 a liter.

Medina-Cue said the company decided to bring back its “big-time rollback” strategy, which it started last year, to help the public weather the high prices of everything.

As of July 9, the regional benchmark Dubai crude had gone down to $65 a barrel, from a $69 a barrel average in June, data from the Department of Energy showed.

The price of unleaded gasoline based on Mean of Platts Singapore (MOPS) benchmark for refined petroleum products dropped to $72 a barrel in the first nine days of the month from the previous month’s average of $77 a barrel.

Similarly, MOPS-based diesel fell to an average $71 a barrel as of July 6, from the $77 a barrel average posted in June.

While Unioil has so far cut its prices only once this month, other local oil companies have twice slashed the prices of their gasoline and diesel but only by a total of P2 a liter, and of kerosene by P1.50 a liter, to reflect the drop in global crude oil prices.

Energy Secretary Angelo T. Reyes said Monday he would ask the other oil companies—the Big 3, as well as independent players—why Unioil could afford to cut its prices and they could not.

“We will ask the oil industry to explain,” Reyes told reporters.

He also said the DOE would ensure that all price-cut announcements made by oil companies would be felt at the pump.

“We will monitor to see to it that the reduction is being felt by public,” he said.

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