Oil price rollback set this week
AFTER three consecutive weeks of price increases, major and independent oil firms announced a price cut of their petroleum products effective Tuesday.
Petron Corporation and Pilipinas Shell, along with independent oil companies Seaoil Philippines and Flying V, bared that they would reduce the prices of their gasoline products by P0.75 centavos per liter, diesel by P2.80 per liter, and kerosene by P2.10 per liter effective at 6 a.m. while Chevron Philippines, another major oil firms implemented the same price adjustment much earlier at 12:01 a.m.
Independent oil firms PTT Philippines, Total Philippines, Petro Gazz, Phoenix Petroleum, Jetti Oil, Unioil Philippines, and Eastern Petroleum will implement the same price adjustment for their diesel and gasoline products, also at 6 a.m., while Clean Fuel at 8:01 a.m., except for kerosene which small oil companies do not carry.
PTT Communication Officer Jhay Julian said the latest price adjustments on local fuel products reflect movement in the international oil market.
