Oil Price Finally Goes Down After 2 Months of Hikes

Oil firms in the country have finally announced a long-awaited rollback in the price of oil after over two months of continuous price hikes.

Oil firms Cleanfuel, Petro Gazz, Seaoil, and Shell said in separate advisories that their gasoline prices will decrease by PHP1 per liter.

This will be the first time in more than 10 weeks that gasoline price in the country goes down.

Moreover, the said firms also announced a reduction in the price of diesel by PHP0.60 per liter, while a decrease of kerosene price by PHP0.65 per liter was also announced by oil firms Seaoil and Shell only.

This week marks the second week of consecutive rollbacks oil firms have implemented for diesel and kerosene prices.

Other oil firms are expected to follow the rollback.

Year-to-date price adjustment for Gasoline stands at P21.95 per liter in 2021, while diesel and kerosene prices increased by P18.10 and P15.64, respectively.

The constant rise of oil prices in the country had negative effects for consumers as higher oil prices directly correlates to higher prices in basic commodities such as food, leading to protests.

The House of Representatives is currently tackling the issue of oil price increases in the country, where tycoon Ramon Ang said during the inquiry Monday, November 8, that if public utility vehicle drivers want to save money, they should buy their oil from the smaller competitors and not from Petron, which Ang owns. (GFB)