‘Big-time’ oil price cut set this week
AFTER three consecutive weeks of pump price increases, major and independent oil companies bared that they would implement a “big-time” price rollback of their petroleum products, effective on Tuesday.
Chevron Philippines first announced a price rollback of their gasoline products by P2.10 per liter, diesel by P3,00 per liter, and kerosene by P2.30 per liter, effective at 12:01 a.m. Tuesday while two other big oil companies, Petron Corporation and Pilipinas Shell, would impose the same price adjustments at 6 a.m., together with independent oil firm Flying V and Seaoil Philippines.
Other independent oil firms which do not carry kerosene products, such as PTT Philippines, Petro Gazz, Unioil Philippines, Total Philippines, and Eastern Petroleum, also announced a price cut of their diesel products by P3.00 per liter and gasoline by P2.10 per liter effective at 6 a.m. while Clean Fuel carried out the same level of adjustment at 12:01 a.m.
According to Oil Industry Management Bureau, the price movement stemmed from the lowering of the demand for oil in the international oil market.