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Press Release

Shell Rolls Back Fuel Prices

07/04/2009

Pilipinas Shell Petroleum Corporation (PSPC) announced that it has implemented downward adjustments of P1.00 per litre for diesel and kerosene, P0.50 per litre for all types of gasoline, including E10 effective on 7th April 2009 at 1800H, to reflect lower international product prices and foreign exchange during the previous week (computed on a moving average weekly basis).

In a press conference today, Mylene Santos, Downstream Communications Manager of PSPC announced that the implementation of price adjustments on a weekly basis is aligned with the company’s aims for greater pricing transparency.

“We continue to implement adjustments in our product prices every week to reflect greater pricing transparency. To this effect, we do not moderate adjustments, upward or downward to reflect current market realities”, Santos said.

Oil pricing is driven primarily by fundamentals of international product costs and foreign exchange. Since the oil industry is deregulated, however, the ultimate determinant of oil pricing is market competition.