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Oil firms announce rollback

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

In separate advisories, Caltex, Cleanfuel, Petro Gazz, Petron, PTT Philippines, Seaoil, Shell, and Unioil said they will reduce gasoline prices by P0.10 per liter and diesel prices by P0.35 per liter.

Prices of kerosene products of Caltex, Petron, Seaoil, and Shell will be lower by P0.55 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 P6.20 per liter higher than last year, diesel prices were up by PHP5.70 per liter, while kerosene prices increased by P5.05 per liter on a year-to-date basis.*PNA

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