Business and Economy
Finally, an oil price rollback Monday
They explained that this is not an assurance that international price pressures on oil have relaxed for any extended period. (File Photo by Mike Mozart/Flickr, CC BY 2.0)
MANILA — After weeks of nearly unabated increases, Filipino motorists will get a respite when local oil companies roll back pump prices effective 6 a.m., Oct. 15.
In separate advisories, oil firms announced downward price adjustments amounting to PHP0.85 per liter of unleaded gasoline, PHP0.
65 per liter of diesel and PHP0.20 per liter of kerosene.
Spokespersons for the local petroleum industry said the decrease in prices simply reflects current movements in the world crude market, which at least for now, has taken a turn favorable to the consumers.
They explained that this is not an assurance that international price pressures on oil have relaxed for any extended period.
With this Monday’s price rollback, local oil firms are also breaking from a long held tradition of implementing price adjustments on a Tuesday.
