Pump price rollback set Tuesday

Oil firms on Monday announced another round of rollbacks in the pump prices of petroleum products, but not enough to offset the year-to-date net increases so far.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will reduce prices per liter of gasoline by P0.70, diesel by P3.00, and kerosene by P2.30.

Cleanfuel, and 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. for all the firms, except for Caltex and Cleanfuel which will both implement the changes at 12:01 a.m. the same day.

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

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) earlier projected a rollback for this week, citing falling demand amid the weak exports in China and the United States.

Firms last week rolled back prices per liter of gasoline by P0.45, diesel by P1.10, and kerosene by P1.05.

Data from the Department of Energy (DOE) indicates a year-to-date net increase of P13.75 per liter for gasoline, P9.35 per liter for diesel, and P3.99 per liter for kerosene as of November 7, 2023.—AOL, GMA Integrated News