Oil price rollback set Tuesday

Motorists are expected to enjoy lower fuel prices as oil firms are set to implement a rollback on Tuesday. (Pexels Photo)

By Stephanie Sevillano, Philippine News Agency

MANILA – Motorists are expected to enjoy lower fuel prices as oil firms are set to implement a rollback on Tuesday.

This came following a series of hikes last week, with around PHP1.20 per liter increase in kerosine, as well as PHP1.50 and PHP2.10 per liter hikes in gasoline and diesel, respectively.

In separate advisories on Monday, Caltex, Shell, Cleanfuel, Jetti, Petro Gazz, Seaoil, and PTT Philippines said they will drop gasoline prices by PHP0.

85 centavos per liter and diesel by PHP0.75 centavos per liter.

Shell, Caltex, and Seaoil will also slash kerosene prices by PHP0.90 centavos per liter.

The fuel price drop will be effective Tuesday at 6 a.m.

The Department of Energy-Oil Industry Management Bureau earlier attributed the projected fuel price slash to the weaker oil demand forecasts of the Organization of the Petroleum Exporting Countries.