This time, it’s oil price rollback

February 04, 2019
Oil Price

AFTER three consecutive weeks of price increases, local oil firms rolled back their pump prices after global crude prices eased in the latest trading.

Phoenix Petroleum Philippines Inc. and Seaoil Philippines were the first independent oil companies to announce price decreases of 60 centavos per liter for gasoline, 35 centavos per liter for diesel and 20 centavos for kerosene, effective at 6 a.m. yesterday.

Major oil players Pilipinas Shell, Petron Corporation and Chevron also implemented the same price decreases along with independent oil firm PTT Philippines effective at 6 a.m. today.

Total Philippines, Eastern Petroleum, Unioil Philippines and Flying V also implemented the same set of price roll back also at 6 a.m. today while other oil firms have yet to announce their respective price decrease but are expected to follow suit.

Prior to the price roll back, local pump prices were raised for three consecutive weeks at the start of 2019 due to the continued spiking of international oil prices.