FIRMS TO IMPOSE BIG-TIME PRICE ROLLBACK
Oil companies will implement a hefty price rollback of up to P2 per liter in petroleum products effective on Tuesday.
Firms will slash the price of diesel by P2 per liter, gasoline by P2.30-P2.50 per liter, and kerosene by P1.85 per liter.
Caltex, Eastern Petroleum, Flying V, Jetti, Petro Gazz, Phoenix Petroleum, Pilipinas Shell, PTT Philippines, and Seaoil will apply the downward adjustment in fuel prices tomorrow at 6 a.m.
This brings the common price of diesel to P43.60 per liter, gasoline by P51.70-P51.90 per liter, and kerosene by P53.17 per liter, according to the Department of Energy’s (DoE) weekly oil monitoring.
Last week, the price of diesel decreased by 90 centavos-P1 per liter, gasoline by P1-P1.10 per liter, and kerosene by 65 centavos per liter.
This is the fifth time that industry players reduced pump prices after raising it over the past few weeks despite a slight increase in global oil prices.
Based on report by Reuters, Brent crude futures LCOc1 added 2 percent to $71.59 per barrel while the US West Texas Intermediate (WTI) crude futures went up 1.5 percent to $61.08 per barrel.
Photo from Reuters/Nikkei Asian Review