Oil companies implement hefty price rollbacks
HIGHER PUMP PRICES Fuel prices are again increasing this week, prompting the transport sector to seek government intervention. INQUIRER FILE PHOTO
MANILA, Philippines — Hefty rollbacks in the pump prices of petroleum products greeted motorists on Tuesday with local oil companies cutting prices by as much as P3 per liter, due to a decline in global demand.
In separate advisories, the oil companies slashed the price of gasoline by P0.70 per liter and diesel by P3 per liter. The price of kerosene likewise dropped by P2.30 per liter.
Caltex implemented the price adjustments at 12:01 a.m., followed by Shell and Seaoil at 6 a.m.
READ: Rising fuel prices forecast to ease off by the last quarter of 2023
According to the Department of Energy Oil Industry Management Bureau, “falling demand” in the United States, as well as weak exports from China triggered the price rollbacks.
This marks the third consecutive week of price declines for diesel and kerosene, and the second for gasoline.
Last week, pump prices declined by P0.45 per liter for gasoline, P1.10 per liter for diesel, and P1.05 per liter for kerosene.
