PSE Circular for Brokers No. 247-00

February 2, 2000 PSE CIRCULAR FOR BROKERS NO. 247-00 PETRON ADJUSTS PRODUCT PRICES Petron Corporation announces that it will adjust the retail prices of its petroleum products by P0.48 per liter effective 12:01 a.m, Wednesday, February 2. While Petron had accumulated all underrecovery of approximately P1.30 per liter, the Company took into account the repeated appeals of President Joseph Ejercito Estrada and Energy Secretary Mario V. Tiaoqui initially to defer and now to temper this price hike. cdlex It should be noted that the adjustment P0.48 per liter only covers 36 per cent of the Company's underrecovery. Further, even with this adjustment, product prices in the Philippines are still among the very lowest in the region. With the Dubai crude benchmark at US$24.07 per barrel as of January 31, the Company has had no recourse but to adjust its retail prices for Extra, Unleaded, Regular Gasoline, Kerosene and Diesel. However, it is maintaining its current pricing on LPG which has a direct impact on households, and Industrial Fuel Oil which is primarily used by the manufacturing sector. Petron's adjusted retail prices are as follows: Metro Manila Retail Prices Product Adjusted Previous Extra P14.88 P14.40 Unleaded P14.49 P14.01 Regular Gasoline P13.09 P12.61 Kerosene P9.71 P9.23 Diesel P10.38 P9.90