Another oil price rollback set this week

August 15, 2022 Edd Reyes 75 views

BIG and small oil firms announced another cutback on their respective fuel prices, marking the companies’ 8th straight week of price rollback on diesel and 7th on gasoline products.

Chevron Philippines, in its advisory, bared that they would reduce their pump prices of gasoline products by a meager price of P0.10 centavos per liter, diesel by P1.05 per liter, and kerosene by P0.45 centavos per liter effective at 12:01 a.m. on Tuesday.

Petron Corporation and Pilipinas Shell, along with Seaoil Philippines and Flying V, also announced their respective pump price adjustments in uniform amounts, specifically P0.10 centavos per liter on gasoline, P1.05 per liter on diesel, and P0.45 centavos per liter on kerosene at 6:00 a.m. Tuesday.

PTT Philippines, Petro Gazz, Unioil Philippines, Total Philippines, Phoenix Petroleum, and Jetti Oil also announced the same price rollback on their gasoline and diesel products at 6:00 a.m. Tuesday, excluding kerosene which they do not carry, while changes in pump prices of Clean Fuel will take effect at 8:01 a.m.

Energy sources said the increase in oil production, the decrease in crude oil prices in the international oil market, and the lower demand for oil in the US triggered another price rollback on petroleum products.