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‘Big-time’ oil price rollback set this week

September 5, 2022 Edd Reyes 239 views

AFTER two consecutive weeks of oil price hikes, big and small oil firms will implement a “big-time” price rollback on their fuel products on Tuesday.

In their separate advisories, major oil firms Petron Corporation and Pilipinas Shell bared that they would reduce the pump prices of their gasoline products by P2.60 per liter, diesel by P1.55 per liter, and kerosene by P1.60 per liter effective at 6:00 a.m., Tuesday.

Chevron Philippines also announced the same price adjustments for its petroleum products much earlier at 12:01 a.m. Tuesday.

Independent oil firms PTT Philippines, Total Philippines, Phoenix Petroleum, Petro Gazz, Unioil, and Jetti Oil, also implemented a price rollback of their gasoline and diesel products by the same level, except kerosene which they do not carry, at 6:00 a.m. while Clean Fuel would carry out the same price adjustments at 8:01 a.m.

According to the Department of Energy (DOE), some factors that caused the movement of oil prices in the world market were the higher interest rate hikes in the US and European countries and the lockdown in China.