P5 big-time oil price rollback set this week
LOCAL oil firms on Monday announced another “big-time” reduction on their respective fuel prices, marking the companies’ second straight week of price rollback effective on Tuesday.
Major oil firms Petron Corporation and Pilipinas Shell, along with independent local oil companies Seaoil Philippines and Flying V, bared that effective 6:00 a.m. Tuesday, they would enforce rollbacks amounting to P6.10 per liter on their diesel products, P5.70 per liter on gasoline and P6.30 per liter on kerosene.
Chevron Philippines Inc., another major oil firm, earlier announced the same price adjustments, which would take effect much earlier at around 12:01 a.m Tuesday.
Thai-led PTT Philippines, Petro Gazz, Unioil Philippines, Total Philippines, Phoenix Petroleum, and Jetti Oil also announced the same big-time price rollback on their gasoline and diesel products at 6:00 a.m. Tuesday, excluding kerosene which they do not carry, while changes of pump prices of Clean Fuel will take effect at 8:01 a.m.
Energy officials said the lockdown in Shanghai, China, the interest hikes by various countries, and the threat of recession which could cause “demand destruction”, were the reason for the latest price adjustments.
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