Unioil Petroleum Philippines Inc., implemented another round of price reduction
Independent oil player Unioil Petroleum Philippines Inc., on Thursday implemented another round of price reduction in its gasoline products following the decline in the international oil prices in recent weeks.
According to Unioil General Manager Chito Medina-Cue Jr., the price reduction will be effective at 2pm today in all the company's outlets and retail stations nationwide.
"We are going to rollback the retail prices of gasoline effective today 2pm. One peso per liter will be deducted to all gasoline products of Unioil such as Unioil Quantum, Unleaded and Regular Gasoline," Medina-Cue said.
"What is our basis? It is because of the decrease in the world market prices of fuels, that is why we are giving it back to the people," the official added.
He added that Unioil wants to give it back to their consumers and the public in general a fair price of gasoline products they sold adding that the company is also mindful of their social responsibility.
"Gusto nating matulungan ang ating mga kababayan para magkaroon ng relief sa harap ng mga pagtaas sa halaga ng mga bilihin. Unioil is giving the public fair prices of fuels," Medina-Cue added.
On Wednesday, oil prices in Asia further went down to $118 per barrel as investors awaited weekly oil and gasoline inventory data for further evidence of declining crude demand in the US.
With the rollback, prices of gasoline sold in Unioil outlets and retail stations will be as follows:
Suggested Retail Prices for Metro Manila as of August 7, 2008 effective 2:00pm
| PRODUCT | SRP | BEFORE |
|---|---|---|
| Unioil Quantum | 58.51 | 59.51 |
| UNLEADED | 58.01 | 59.01 |
| Regular Unleaded | 55.23 | 56.23 |
Medina-Cue said the rest of the company's products such as pure diesel (Plus B-1) will remain at P57.47 while kerosene and auto LPG will remain at their current prices of P61.64 and 33.38
Last week, Unioil initiated a price rollback of P1.50 per liter on gasoline.
Unioil has more than 40 outlets in Luzon alone while it is eyeing further expansion with an initial P90-million plan for six new stations located in Quezon City, Caloocan, Las Piñas and Makati.
It also has outlets in the Visayas and Mindanao.
The company is a member of the Independent Philippine Petroleum Companies Association (IPPCA).
by Leah Flor