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Another ‘big-time’ oil price rollback set

Oil firms will implement another price rollback effective today.

In separate advisories, Seaoil, Petro Gazz, PTT Philippines, and Petron said price of their gasoline products will be slashed off P5 per liter while price of diesel will be reduced by P2 per liter.

The same amount will be reduced of Caltex’s gasoline and diesel products effective 12:01 a.m. and Cleanfuel’s products by 8:01 a.m.

Seaoil and Petron will also roll back the price of its kerosene products by P0.70 per liter effective 6 a.m.

“These reflect movements in the international oil market,” Petron said.

This is the third consecutive week that oil companies cut prices of their products given the same development in the international market.

After rising to over USD100 per barrel in recent months, oil prices in the international market have gone down to below this level partly on account of expected slower demand in major economies due to concerns on economic slowdown and the impact of lockdowns following latest surge in COVID-19 infections.*PNA

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