BIGTIME ROLLBACK
A HEFTY rollback in prices of oil products tajkes effect today.
In separate advisories, giant oil firms Petron Corporation, Pilipinas Shell, Chevron Corporation, along with small players Seaoil Philippines and Flying V, will implement a price cut of P1.55 per liter for unleaded and premium gasoline, P1.30 per liter for diesel, and P140 per liter for kerosene effective at 6:01 Tuesday.
Two other major oil firms, PTT Philippines and Total Philippines, along with independent oil players Unioil Philippines, Petro Gazz, Phoenix Petroleum, Eastern Petroleum and Jetti Petroleum which do not sell kerosene also announced the same price rollbacks on their gasoline and diesel products at 6:01 a.m., while Clean Fuel will carry out the same level of price adjustments much earlier at 12:01 a.m.
Department of Energy Oil Industry Management Bureau (DOE-OIMG) Assistant Director Rodela Romero cited some reasons for fuel price rollback including the slow demand for oil of China and United States, the reported additional production of Organization of the Exporting Countries (OPEC) this October and the reopening of oil export of Libya.
