Business and Economy
Oil price rollback set May 6
A person gasses up at a gas station. (File Photo: engin akyurt/Unsplash)
By Kris Crismundo, Philippine News Agency
MANILA – Motorists and consumers can expect lower oil prices this week as companies will implement rollbacks effective Tuesday.
In separate advisories, Caltex, Seaoil, and Shell said they would slash gasoline prices by PHP0.55 per liter and a rollback of PHP0.65 per liter on diesel prices.
Caltex, Seaoil, and Shell will also cut kerosene prices by PHP0.90 per liter.
Other oil companies are to follow suit.
The price cut follows after two straight weeks of oil price hikes.
“Year-to-date, gasoline and diesel have a total net increase of PHP3.65 per liter respectively, while kerosene has a total net decrease of PHP1.10 per liter,” the Department of Energy (DOE) said.
The DOE earlier said the oversupply in the global market triggered the lower oil prices this week.
