Second straight week of oil price rollbacks set Tuesday

Oil firms are set to reduce pump prices of petroleum products on Tuesday to mark the second straight week of rollbacks, but net increases for the year remain over P16.00 per liter.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. said they will lower prices per liter of gasoline by P1.00, diesel by P0.35, and kerosene by P3.00.

Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will implement the same changes, excluding kerosene which they do not carry.

The adjustments will take effect at 6 a.m. on Tuesday, April 12, for all firms except for Cleanfuel which will implement the changes at 8:01 a.m. and Caltex at 12:01 a.m. the same day.

Other firms have yet to make similar announcements for the week.

Domestic pump prices have been on an uptrend in 12 out of the past 14 weeks, which the Department of Energy (DOE) has repeatedly attributed to the ongoing conflict between Russia and Ukraine that has hit global supplies and drove global prices higher.

Latest data available from the DOE indicate that year-to-date adjustments stand at a net increase of P16.00 per liter for gasoline, P26.00 per liter for diesel, and P24.10 per liter for kerosene as of April 5, 2022.

Same data show that prices in Metro Manila range from P64.75 per liter (Caloocan) to P85.40 per liter (Muntinlupa) for gasoline; and from P65.80 per liter (Quezon City) to P83.49 per liter (Pasay) for kerosene as of April 5, 2022.—AOL, GMA News