Unioil

MANILA, Philippines—Independent oil player Unioil Petroleum Philippines Inc. on Sunday slashed the pump prices of its petroleum products in response to a Palace directive to maintain oil prices in Luzon while it remained in a state of calamity.

Unioil said it had cut the prices of its diesel by P2 a liter; unleaded gasoline by P1.25; regular gasoline by 85 centavos; and kerosene, by P1.50, effective 10 p.m. Sunday.

Unioil said its maximum retail prices for Metro Manila should now be P28.04 a liter for diesel; P37.44 for Quantum premium gasoline; P36.94 for unleaded gasoline; P36.86 for regular gasoline; P36.34 for its E10 variant; and P41 for kerosene.

In a statement, Unioil said the price cut was in response to Executive Order 839 issued by President Gloria Macapagal-Arroyo on Friday.

The EO directs the oil players to “maintain prices of petroleum products prevailing on the last landfall of Tropical Storm “Pepeng” (international codename: Ketsana) during the period of emergency on the entire island of Luzon.

“In these times of crisis, we have to set aside our financial considerations and prioritize our responsibility, as a Filipino company, to our nation. We are heeding the call of President Arroyo to retain our pump prices to the levels where they were on Oct. 15,” said Unioil general manager Luisito Medina-Cue Jr.

The company pointed out that it was cutting its prices at a time when oil prices in the international market had reached their highest levels in 12 months.