Big-time Oil Price Rollback Set for this Week

Oil firms in the country are set to implement another price rollback effective today, marking the third consecutive week of oil price rollbacks.

This comes as oil firms Seaoil, Petro Gazz, PTT Philippines, and Petron said in separate advisories that their gasoline prices will be decreased by PHP5 per liter, while the price of their diesel is also to be reduced by PHP2 per liter.

Moreover, oil firms Caltex and Cleanfuel also announced the same oil price reductions, albeit set at different times.

Meanwhile, Seaoil and Petron will also slash their kerosene prices by PHP0.70 per liter.

The rollback is due to the continuous drop in prices in the international oil market, according to Petron.

According to the Department of Energy (DOE), the continuous oil price reduction may be attributed to the intermittent lockdowns in China as COVID-19 cases in the country spike, and the interest rate hikes in the US and other countries.

This effectively reduces the demand for oil in major countries.

Year-to-date oil price adjustments as of June 12 currently stand at a net increase of PHP24.30 for gasoline, a net increase of PHP36.80 for diesel, and a net increase of PHP30.05 for kerosene, according to data by the DOE. (GFB)