Oil price rollback set this week

March 20, 2023 Edd Reyes 99 views

AFTER implementing mixed pump price adjustments last week, big and small oil companies will slash the prices of their petroleum products effective on Tuesday.

Independent oil firms PTT Philippines, Total Philippines, Petro Gazz, Unioil Philippines, Jetti Oil, and Eastern Petroleum, which do not carry kerosene, announced on Monday a price rollback of their gasoline products by P1.20 per liter and diesel by P1.85 per liter effective at 6 a.m., Tuesday.

Clean Fuel, another independent oil firm, also announced the same price adjustment on its gasoline and diesel products much earlier at 12:01 a.m. Tuesday.

Major oil firm Petron Corporation and Pilipinas Shell, along with Seaoil Philippines and Flying V, will also cut the prices of their kerosene products by P2 per liter, with the same price adjustment on diesel and gasoline effective at 6 a.m. while Chevron Philippines will carry out the same level of price rollback much earlier at 12:01 a.m.

According to PTT Philippines Communication Officer Jay Julian, the latest price adjustments of local pump prices reflect movements in the international oil market.