4th round of oil price rollback this week
BIG and small oil firms on Monday announced cutbacks on their respective fuel prices, marking the companies’ 4th straight week of price rollback.
Oil giants Pilipinas Shell and Petron Corporation bared that effective at 6:00 a.m. Tuesday, they would enforce rollbacks amounting to P0.40 centavos per liter on gasoline, P1.85 per liter on diesel, and P1.30 per liter on kerosene.
Chevron Philippines (formerly Caltex Philippines) earlier announced the same pump price adjustments that would take effect much earlier at 12:01 a.m. Tuesday.
Meanwhile, PTT Philippines, along with other independent oil players Total Philippines, Phoenix Petroleum, PetroGazz, and Jetti Oil, announced that they would also cut their pump prices by the same levels, excluding kerosene which they do not carry, also at 6:00 a.m. Tuesday while changes in pump prices of Clean Fuel would take effect at 8:01 a.m.
The Oil Industry Management Bureau of the Department of Energy (DOE) earlier announced that the continued rollback of pump prices was due to the announcement of the European Central Bank of another interest rate hike, causing trading prices of petroleum products to go down.
