PUMP prices of petroleum products will be rolled back today, following several rounds of increases implemented by oil firms.
In separate advisories, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will lower prices per liter of gasoline by P0.75, diesel by P2.80, and kerosene by P2.10.
Cleanfuel, Jetti Petroleum and Petro Gazz will implement the same changes, excluding kerosene which they do not carry.
The changes will take effect at 6 a.m. today for all the firms except for Cleanfuel, which will adjust prices at 8:01 a.m. the same day.
Oil firms last week hiked prices per liter of gasoline by P2.90, diesel by P2.10, and kerosene by P3.05.
Rino Abad, Department of Energy’s oil industry management bureau director, said there is a trend that demand is going down in the first quarter.
“If China does not control its COVID cases for the next two months, then chances that (oil) prices will further go down. So it depends on how fast China can recover,” Abad said in an interview with dzBB. (GMA Integrated News)
