2nd Oil Price Rollback for This Year Set

Oil firms around the country implemented oil price rollbacks Tuesday, one week after another hike in what is only the second time oil prices in the country decreased.

Oil companies Pilipinas Shell, PTT Philippines, and Caltex announced in separate advisories that their gasoline price will be reduced by PHP2.30 per liter, while diesel prices will decrease by PHP1.85 per liter.

Moreover, kerosene prices of oil firms Pilipinas Shell and Caltex will also decrease by PHP1.65 per liter.

Other oil companies are expected to make similar adjustments.

According to Pilipinas Shell, the rollbacks are due to slightly tempered market premiums.

“Gasoline price rollback is slightly tempered by market premiums; diesel market by market premiums and CME (fuel additive),” the Pilipinas Shell advisory said.

The global oil market is still in a highly disrupted situation due to uncertainties brought about by the Russian invasion of Ukraine.

Moreover, the pandemic is also causing further volatility in price movements as economies around the world push to recover from the setbacks caused by COVID-19. (GFB)