Oil price rollback

December 29, 2018

MOTORISTS will experience another big-time pump price roll back after independent oil firms announced another set of price cuts effective yesterday morning.

As usual, Phoenix Petroleum and Unioil Philippines were the first to roll back the prices of their gasoline products by P1.30 per liter, diesel by P1.80 per liter and kerosene by P1.90 per liter effective at 6:01 yesterday morning.

Small oil players Petro Gazz, RePhil and Flying V announced that they will implement the same price cut on their petroleum products tomorrow, December 31, at 12:01 after midnight.

Meanwhile, major oil players Petron Corporation, Pilipinas Shell and Chevron Philippines, as well as PTT Philippines and Seaoil are expected to roll back their pump prices on Tuesday morning.

However, it was not clear if they will follow the same price adjustment implemented by Phoenix Petroleum and Unioil.

Energy sources said the last price adjustment implemented by local oil firms for 2018 was based on the current international market condition, but price hikes on petroleum products will likely strike again next week due to the second tranche of the TRAIN law that raises the excise tax on fuel.