3rd Oil Price Rollback of 2022 Set

Oil firms in the country announced another set of oil price rollbacks that will take effect Tuesday morning as oil prices in the country fall for the second straight week but only the third time this year.

Oil companies Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell, announced in separate advisories that their diesel prices will decrease by PHP0.35 per liter, while their gasoline prices will decrease by PHP1 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell added that their kerosene prices will also decrease by PHP3 per liter.

Oil prices since the start of the year have been continuously increasing amid the fears of a Russian-Ukrainian conflict. The oil prices, however, skyrocketed once the Russian invasion of Ukraine started on February 24, with prices only going down slightly in the past weeks.

International benchmark Brent crude surpassed the USD100-per-barrel mark for the first time since 2014.

However, the decrease in global oil prices recently is attributed to the announcement of the International Energy Agency’s member nations to release 60 million barrels of crude oil in the following six months to alleviate the pressure on the global oil market, coupled with China’s new COVID-19 lockdowns.

The year-to-date net increase for diesel currently stands at PHP26 per liter, while the net increase for gasoline stands at PHP16, and kerosene at PHP24.1 per liter. (GFB)