Pump price rollback set Tuesday following several weeks of hikes

Motorists will get a slight reprieve this week, as oil firms on Monday announced a rollback in pump prices after five straight weeks of hikes for both gasoline, and two for kerosene.

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 P0.60, diesel by P0.10, and kerosene by P0.40.

Cleanfuel, Petro Gazz, 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, February 13, for all the firms except for Caltex and Cleanfuel, both of which will implement the changes at 12:01 a.m. on the same day.

Other firms have yet to make similar announcements as of posting time.

The adjustments are in line with projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), albeit lower than expected, on the back of the build up of crude inventories amid the increased production in the United States, and slower oil demand growth.

Firms last week hiked prices per liter of gasoline by P0.75, diesel by P1.50, and kerosene by P0.80.

Latest data available from the DOE indicate year-to-date net increases of P5.15 per liter for gasoline, P4.40 per liter for diesel, and P0.85 per liter for kerosene as of February 6. —KBK, GMA Integrated News