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Oil firms announce price cuts

July 3, 2023 Edd Reyes 493 views

PRICE cuts take effect Tuesday, big and small oil companies announced Monday.

Independent oil firms PTT Philippines, Petro Gazz, Total Philippines, Unioil Philippines, and Eastern Petroleum in their separate advisories said gasoline and diesel price cut is P0.70.

Major oil firms Petron Corporation and Pilipinas Shell will implement the same price adjustments on their gasoline and diesel products, including a price cut of P0.85 per liter on kerosene effective at 6 a.m. while Chevron Philippines will carry out the same level of price adjustment much earlier at 12:01 a.m.

Cleanfuel, another independent oil company, will implement the price adjustment at 12:01 a.m while other local oil companies have yet to announce their price adjustment although they are likely to follow similar price rollbacks today.

PTT Communication Officer Jay Julian said the price rollback on domestic oil products reflect movements in the international oil market.