Oil firms announce rollback after successive price hikes

Oil firms announce rollback after successive price hikes

MANILA – After a month of successive oil price hikes, pump prices will go down this week starting Tuesday.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, Petron, PTT Philippines, Seaoil, Shell, and Unioil said they will reduce gasoline prices by PHP0.10 per liter and diesel prices by PHP0.35 per liter.

Prices of kerosene products of Caltex, Petron, Seaoil, and Shell will be lower by PHP0.55 per liter.

This is the first time that oil companies will slash prices after four straight weeks of increments for kerosene and diesel products, and five consecutive weeks for gasoline products.

Following a month-long oil price hike, gasoline prices were PHP6.20 per liter higher than last year, diesel prices were up by PHP5.70 per liter, while kerosene prices increased by PHP5.05 per liter on a year-to-date basis. (PNA)

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