Friday, September 19, 2008

First, Eastern Petroleum and SeaOil implemented a 50 cent reduction in gas and diesel prices last Wednesday. The big three, Shell, Petron and Chevron, responded by lowering their prices by 1 peso beginning 12mn today. This prompted both Eastern and SeaOil to augment their rollback by another 50 cents starting 6am today, as well (read about both these developments here). And now, UniOil has just announced that they will cut gasoline and diesel prices by 3 and 2 pesos, respectively, by 2pm tomorrow (read about it here).

Now, this is what a free market is all about, and what deregularization should have led to (at least, in a corruption-free environment). We sure hope that this trend continues, 'cos in a price war, it's the consumer that wins.