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Oil firms bare price rollback

FOLLOWING a series of big-time oil price increases, big and small oil firms implemented a meager rollback of prices of petroleum products effective Tuesday.

Major oil firms Petron Corporation and Pilipinas shell will impose a P0.10 per liter rollback of prices of their gasoline products, diesel by P0.35 per liter and kerosene by P0.55 per liter effective 6 a.m. today, Tuesday, while Chevron Philippines, will implement the same price adjustments much earlier at 12:01 a.m.

Independent oil firms PTT Philippines, Phoenix Petroleum, Total Philippines, Unioil, Seaoil and Petro Gazz also implemented the same meager decrease of their gasoline and diesel products, also at 6 a.m. Tuesday and Clean Fuel at 8:01 a.m.

Other oil firms are yet to announce their respective price adjustments but are expected to follow suit.

This reflects movements in the international oil market” said PTT Philippines Communication office Jhay Julian.