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‘Big-time’ oil price cut set this week

February 6, 2023 Edd Reyes 247 views

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.