Rollbacks on Gasoline, Kerosene Continue this Week

Oil prices in the country have been steadily going down after a congressional inquiry on the rise of oil prices started, with gasoline prices going down for two consecutive weeks along with kerosene which has been decreasing for three weeks straight.

This comes after oil firms in the country adjusted their oil prices following separate announcements.

Oil firms Caltex, Petro Gazz, Cleanfuel, Seaoil, and Shell announced that they will decrease their gasoline prices by PHP0.90 per liter.

Furthermore, Caltex, Seaoil, and Shell added that their kerosene prices will go down by PHP0.10 per liter.

The decrease in oil prices is in part due to the decrease in crude prices in the global market, according to the Department of Energy (DOE) as the energy department’s oil monitor bulletin said that “Dubai crude has decreased week-on-week by almost USD1.60 per barrel. MOPS (Mean of Platts Singapore) gasoline and MOPS diesel have also decreased by around USD3 per barrel and nearly USD1.60 per barrel.”

Year-to-date price increase for gasoline currently stands at PHP20.95 per liter, diesel at PHP17.50 per liter, and PHP15.09 per liter for kerosene. (GFB)