Petron, Caltex Up Rates by R0.60/liter; as New Player Cuts Diesel, Kerosene Prices
Byline: MYRNA M. VELASCO
Major oil companies Petron Corporation and Caltex Philippines, Inc. have increased their unleaded gasoline prices effective 12:00 noon yesterday; citing factors such as market competition and Clean Air Act (CAA) compliance as triggering factors.
But as the price hike frenzy was going full blast, TotalFinaElf Philippines Corporation had a change of mind on its earlier pricing decision; and imposed a R0.40 per liter rollback in its diesel and kerosene prices effective 2:00 p.m. yesterday.
To maintain market competitiveness, Total will reduce its prices by R0.40 per liter for diesel and kerosene, Total corporate communications manager Rona Quejada said.
As they took note of Totals move, industry observers noted that the lesson of deregulation, when it comes to market competition, points to the fact that if there is a line you cannot cross, then there is really a need for any industry player to pull back.
It would be noted that Total has initiated the new round of adjustment in pump prices on Thursday last week, increasing its gasoline prices by R0.60 per liter; and R0.40 for diesel and kerosene oil.
On Saturday night, Pilipinas Shell Petroleum Corporation went ahead of its rivals in implementing price adjustment; also by R0. …