Rollback on Oil Price Implemented this Week

After weeks and weeks of continuous price increases of oil in the country, oil firms will now implement a rollback in prices starting today.

Oil firms Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, and Shell said in their own respective advisories that they will reduce gasoline prices by PHP0.65 per liter and will also reduce diesel prices by PHP0.70 per liter.

Moreover, kerosene price of oil firms Caltex, Seaoil, and Shell will also be reduced by PHP0.75 per liter.

A major cause of the rollback is the emergence of the COVID-19 Delta variant globally. As concerns rise in the global market regarding the demand of oil as quarantine restrictions in multiple areas around the world are being activated once again due to the COVID-19 Delta variant.

The concern caused a fall of crude oil prices in the world market on Friday.

Year-over-year data shows that oil prices in the country have been steadily increasing as gasoline prices increased at a total of PHP13.90 per liter, diesel prices rose by PHP11.10 per liter, and kerosene prices at PHP9.45 per liter. (GFB)