Unioil is adopting a “wait-and-see” attitude
One of the country’s leading independent oil players yesterday said it is adopting a “wait-and-see” attitude whether it will rollback its pump prices amid a price cut initiated by other oil players.
Unioil Petroleum Philippines Incorporated (UPPI) General Manager Chito Medina-Cue Jr. said they are keenly watching the development in the global market where crude prices meanwhile have eased after a big one-day price increase rising to as much as 120 dollars a barrel recently.
At the same time, Medina-Cue downplayed the impact of the latest price rollback initiated by several other oil players saying that it doesn’t even match Unioil’s P3 per liter cut for gasoline last week.
‘The one peso rollback of the other oil companies is not even close to the Unioil’s “big time” rollback that were implemented last September 11 and 19. In fact, there is still a two-peso difference between pump prices of Unioil and the other retail outlets. It still remains to be seen whether the other oil companies will be able to match or exceed the big time rollback of Unioil,” Medina-Cue said.
“If we are citing market prices and knowing that rollback is only one peso, Unioil has no plans as of today to rollback its prices but we are studying the development in the global market and will immediately inform the public if we decide to cut pump prices,” he added.
Local oil companies announced Friday a P1 per liter rollbacks in the pump prices of their gasoline, diesel, and kerosene products.
Last September 11 and 19, independent oil player Unioil announced a bigger price rollback than the recent price reductions implemented by the country’s ‘Big 3’ oil companies.
The other oil companies’ rollback this week may apparently been done to catch up with last week’s Unioil’s P2 per liter and P3 per liter deductions for diesel and gasoline, respectively.
Leah Flor