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Press Release

Shell rolls back fuel prices

27/04/2009

Pilipinas Shell Petroleum Corporation (PSPC) announced that it will implement downward adjustments of P1.00 per litre for gasoline, diesel and kerosene on 27th April 2009 at 1800H, to reflect lower international product prices and foreign exchange during the previous week (computed on a moving average weekly basis).

Roberto Kanapi, PSPC Vice President for Communications, 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”, Kanapi 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.