BIG and small oil firms will implement a meager rollback on pump prices following a big-time price increase last week.
Petron Corporation and Pilipinas Shell, along with small oil firms Seaoil Philippines and Flying V, bared that they would reduce their respective pump prices by uniform amounts, specifically P0.40 centavos per liter on gasoline, P3.10 per liter on diesel, and kerosene by P2.10 per liter effective at 6:00 a.m.
Chevron Philippines (formerly Caltex Philippines Inc.) also announced the same price adjustments on its petroleum products which would take effect much earlier at 12:01 a.m. on May 17, 2022.
Independent oil companies 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.
The Department of Energy (DOE) said price adjustments of petroleum products reflect movements in the international oil market. By Edd Reyes