Oil firms announce price rollback this week

FILE PHOTO: The Russia-Ukraine conflict takes its toll on oil prices.

MANILA, Philippines — Expect oil price rollback this week, starting April 5, petroleum firms announced Monday.

Shell, Cleanfuel, Petro Gazz, SeaOil, Caltex, and Metro Oil said that their diesel price will be trimmed by P1.85 per liter and their gasoline cost will be cut by P2.30 per liter.

Kerosene price, which is offered by Shell, SeaOil, Caltex, and Metro Oil, will be slashed by P1.65 per liter.

The price adjustment will take effect on Tuesday, 6 a.m. except for Cleanfuel and Caltex.

Caltex and Cleanfuel’s price rollback will be effective Tuesday, 12:01 a.m. and 8:01 a.m, respectively.

The rollback came after United States President Joe Biden declared the release of oil from their strategic petroleum reserve.

Earlier, a series of oil price increases ensued following Russian’s invasion of Ukraine and the subsequent sanctions imposed on Russia, a key crude producer.

EDV