Oil Firms Announce Price Rollback After Weeks of Hikes

Oil prices will finally go down starting Tuesday after multiple oil firms announced rollbacks in separate advisories, ending the consecutive hikes in oil prices last February.

Caltex, Cleanfuel, Petro Gazz, Petron, PTT Philippines, Seaoil, Shell, and Unioil announced in separate advisories that prices for their gasoline is to be reduced by PHP0.10 per liter, along with a rollback in diesel prices by PHP0.35 per liter.

Moreover, Kerosene products of Caltex, Petron, Seaoil, and Shell will be cheaper by PHP0.55 per liter.

The rollback comes as good news to motorists, as the oil price hikes from oil firms came in consecutively–with four weeks of incremental increases in the price of Kerosene and Diesel products, and five weeks of hikes for gasoline products.

The consecutive hikes in oil prices resulted in gasoline prices that were higher by PHP6.20 compared to last year. Diesel prices are now PHP5.70 higher compared to last year, and Kerosene prices higher PHP5.05 than last year. (GFB)