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Oil firms roll back prices

AFTER implementing a meager decrease of pump prices last week, local oil firms imposed a big-time rollback of prices of petroleum products effective today, Tuesday.

Major oil firms Pilipinas Shell and Petron Corporation announced a decrease of gasoline prices at P1.20 per liter, diesel by P1.30 per liter and kerosene by P1.40 per liter effective 6 a.m. today, Tuesday while Chevron Corporation implemented the same price adjustments of their petroleum products much earlier at 12:01 a.m.

Thai-led PTT Philippines, Phoenix Petroleum, Total Philippines, Petro Gazz, Eastern Petroleum and Unioil Philippines also implemented a big-time rollback of the prices of their gasoline and diesel at the same level effective at 6 a.m. Tuesday while Clean Fuel imposed the same price adjustment at 8:01 a.m.

Oil industry sources said the decrease in local pump prices reflects movements in the international oil market.