Oil price rollback set Tuesday

Pump prices of petroleum products will be rolled back on Tuesday, giving motorists a reprieve from the upward adjustments implemented last week.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will lower prices per liter of gasoline by P0.70, diesel by P0.70, and kerosene by P0.85.

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

The changes will take effect at 6 a.m. on Tuesday, July 4, for all the firms, except for Caltex and Cleanfuel which will both adjust prices earlier at 12:01 a.m. the same day.

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

The latest adjustments are in line with projections made by the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), which projected downward adjustments due to the prevailing pessimism over interest rates and uncertainties on long-term demand.

Firms last Tuesday hiked prices per liter of gasoline by P0.20, diesel by P1.05, and kerosene by P1.20.

The adjustments made last week reflect a year-to-date net increase of P6.55 per liter for gasoline, and net decreases of P3.00 per liter and P5.15 per liter for kerosene as of June 27, 2023. — RSJ, GMA Integrated News