Rollback on Oil Price Now 4-Weeks Straight

Different oil firms in the country implements another rollback on oil prices which began Tuesday morning.

Oil firms Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell in separate announcements said that they will decrease the price of their gasoline by PHP1.10 per liter, while prices of their diesel will be slashed by PHP0.50 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell will also slash kerosene prices by PHP0.50 per liter.

The latest rollbacks marks the fourth-straight week of gasoline price reduction, and the fifth-straight week of diesel and kerosene price rollbacks.

However, this time the less demand for oil around the world was due to a new COVID-19 variant, Omicron, which has led to stricter protocols once again on certain parts of the world.

Year-to-date price adjustments for gasoline showed an increase of PHP19.20 per liter, while diesel increased by PHP16.30 per liter. Kerosene prices also have a net increase of PHP13.69 per liter. (GFB)