‘Meager’ oil price rollback expected this week

MANILA – Oil firms will implement a rollback on fuel products starting Tuesday.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell announced they will cut diesel prices by PHP1.15 per liter and gasoline prices by PHP0.65 per liter.

Caltex, Seaoil, and Shell will also decrease the prices of kerosene by PHP1.15 per liter.

Oil companies will give rollback after increments for the past two weeks, with a big-time price hike last Tuesday.

With the price increase last week, petroleum prices for the past four months stood at a net increase of PHP17.70 per liter for gasoline, PHP30.35 per liter for diesel, and PHP24.10 per liter for kerosene.

Earlier, Department of Energy (DOE) Undersecretary Gerardo Erguiza Jr. said uncertainties in the global market brought by the ongoing Russia-Ukraine conflict, sanctions on Russian oil, crude oil demand from China which implements pandemic-related lockdowns, and inability to further ramp up production make global oil prices volatile.