Another oil price rollback set this week
BIG and small oil firms announced another cutback on their respective fuel prices, marking the companies’ seventh collective price rollback on diesel products and fifth on gasoline since October 24.
Major oil firm Chevron Philippines bared that effective at 12:01 a.m. Tuesday, the company would enforce rollbacks amounting to P1.95 per liter on gasoline, P1.90 per liter on diesel, and P1.65 per liter on kerosene.
The same goes for two other major oil companies, Pilipinas Shell and Petron Corporation, and the independent oil firm Flying V and Sea Oil Philippines, which would take effect at 6:00 a.m. on Tuesday.
Thai-led PTT Philippines, Total Philippines, Phoenix Petroleum, Petro Gazz, Unioil Philippines, and Jetti Oil also announced on Monday the same price adjustments on diesel and gasoline products which would take effect at 6:00 a.m. while Clean Fuel will implement the same pump price cuts at 8:01 a.m. on Tuesday.
Earlier, the Department of Energy (DOE) said the downward movement of prices was due to the impact of the lockdown measures in China, the biggest oil importing country in the world, the higher inventories, and the successive interest rate hikes in the United States.
