Oil price cutbacks
LOCAL oil firms on Monday announced cutbacks on their respective fuel prices, marking the companies’ fourth straight weeks of fuel price rollback which would take effect on Tuesday.
Oil giant Chevron Philippines bared that effective 12:01 a.m. Tuesday, the company would enforce rollbacks amounting to P1.65 per liter on its gasoline products, P1.25 per liter on diesel and P1.35 per liter on kerosene.
Major oil firms Petron Corporation and Pilipinas Shell, along with small oil companies Flying V and Seaoil Philippines, announced that they would also cut their respective pump prices of gasoline, diesel and kerosene by the same levels effective at 6 a.m., Tuesday.
Independent oil companies PTT Philippines, Total Philippines, Phoenix Petroleum. Petro Gazz, Unioil and Jetti Oil also rolled back the prices of their gasoline and diesel products by the same level except for kerosene which they do not carry, at 6 a.m. Tuesday while Clean Fuel would carry out the same price adjustments at 8:01 a.m.
Energy souces said the continues increasing of interest rate in the US and the decline of global oil prices contributed to another local big-time oil price rollback.
