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Firms announce oil price rollback

FOR the second consecutive week, local oil firms announced a rollback of their petroleum products effective Tuesday.

Pilipinas Shell, Petron Corporation and Chevron Philippines in separate advisories said they will cut the prices of their gasoline products of P1.00 per liter, diesel by P1.55 per liter and kerosene by P1.45 per liter effective at 6 a.m. today.

Thai-led PTT Philippines, Seaoil Philippines, Petro Gazz and Eastern Petroleum also announced the same price rollback of gasoline and diesel products also at 6 a.m. while Phoenix Petroleum and Clean Fuel will cut the prices of their diesel by P1.50 per liter while gasoline at P1.00 per liter.

Other independent oil firms have yet to announce their price adjustments but they are likely to follow suit.

PTT Philippines Communication Officer Jhay Julian said the weekly oil price increase reflects movements in the world oil market.