(UPDATE) PILIPINAS Shell, Seaoil Petroleum Philippines Corp., and Unioil Petroleum Corp. will roll back gasoline prices by one peso per liter on Thursday, GMA Network's "Flash Report" said on the same day.
Shell and Seaoil will lower their prices at 2 p.m. while Unioil will adjust theirs at 6 p.m., the report said.
The three oil firms however will increase the cost of kerosene and diesel by 25 centavos per liter, the report said.
The report said the rollback was prompted by a reduction in the cost of crude in the world market.
Meanwhile, Petron Corp. adjusted its pump prices by fifty centavos per liter Thursday midnight, according to an earlier edition of "Flash Report."
Petron said this particular price increase would reflect the oil firms' costs in April.
For the past several fuel price increases, Petron had been among the last -- if not always the last -- to increase its prices.
Caltex Philippines and other new small players have not yet decided on the matter, the report said.
Malou Espina of Total Philippines Corp. was quoted as saying that officials from the company were set to decide on either increasing or reducing its prices.
Eastern Petroleum raised its pump prices by fifty centavos on Wednesday while Flying V dealers were advised to jack up their prices by around the same level at different times within the day.
In mid-April, local oil firms raised gasoline, diesel and kerosene prices by 75 centavos a liter. Shell, Caltex, and Total also raised the cost of cooking gas by 75 centavos a kilogram.
Petron followed suit only two weeks later, raising fuel pump prices by 50 centavos a liter and cooking gas prices by 50 centavos per kilogram.
As a result, some oil firms that had dealers situated near Petron service stations had to roll back prices by 25 centavos a liter to remain competitive.
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