Oil Price Rollback Set for this Week

Automobile and motorcycle owners in the country will get a huge sigh of relief as oil prices are set to decrease this week after consecutive weeks of oil price increases.

This comes as oil firms Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell said in separate advisories that they will slash their gasoline prices by PHP2.60 per liter and diesel prices by PHP1.55 per liter.

Moreover, Caltex, Seaoil, and Shell also made announcements that their kerosene prices will be slashed-off by PHP1.60 per liter.

This is the first rollback in oil prices after weeks of big-time oil price increases. The increase of diesel and kerosene for the past two weeks fell just short of PHP9.00, while gasoline increased by over PHP2.00 per liter

The rollback of oil prices reflects the latest prices in the international oil market. The rollback is attributed to the lower demand as China continues its fight against COVID-19 and the Russian invasion of Ukraine.

With the latest price adjustment, data shows that year-to-date price adjustments for gasoline currently stand at a net increase of PHP29.50 per liter, kerosene at a net increase of PHP39.25 per liter, while diesel stands at a net increase of PHP45.00 per liter. (GFB)