Oil companies will implement price rollbacks today, a week after another price hike due to volatilities in the international market.
In advisories issued yesterday, Pilipinas Shell, PTT Philippines, and Caltex said price of their gasoline products will decline by P2.30 per liter and diesel prices by P1.85 per liter.
Pilipinas Shell and Caltex said the price of their kerosene products will be reduced by P1.65 per liter.
“Gasoline price rollback is slightly tempered by market premiums; diesel market by market premiums and CME (fuel additive),” Pilipinas Shell said in its advisory.
Caltex said the price adjustment will be effective by 12:01 a.m. on Tuesday while that of Pilipinas Shell and PTT Philippines by 6 a.m.
Recent volatilities of oil prices were driven mainly by uncertainties caused by Russia’s invasion of Ukraine and demand conditions as economies recover from the pandemic.*PNA