Oil prices to dip this week

May 2, 2022 Edd Reyes 125 views

AFTER a big-time price increase last week, local oil firms announced on Monday they will slash pump prices of petroleum products effective Tuesday, the fourth price roll back this year.

Chevron Philippines, one of the three major oil firms, announced its price cut of gasoline products by P0.65 centavos per liter while diesel and kerosene products by P1.15 per liter effective at 12:01 a.m. Tuesday.

Two other major oil companies, Petron Corporation, Pilipinas Shell, and independent oil firms Seaoil Philippines and Flying V also announced the same price adjustments of their petroleum products, which would take effect at 6:00 a.m., Tuesday.

PTT Philippines, Petro Gazz, Total Philippines, Phoenix Petroleum, Unioil, and Eastern Petroleum will implement the same changes at 6:00 a.m. Tuesday, excluding kerosene which they do not carry, while changes in pump prices of Clean Fuel will take effect at 8:01 a.m.

PTT Philippines Communication Officer Jhay Julian said the price rollbacks on petroleum products reflect movement in the international oil market.