Oil Companies Announce Fuel Price Rollback Effective Today (May 8)
Several oil companies nationwide have announced the implementation of fuel price rollback effective on Tuesday (May 08, 2018).
Oil firms reduced the price of gasoline, diesel, and kerosene after three straight weeks of consecutive oil price hikes.
Eastern Petroleum, Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. have started to implement a rollback today.
The price of kerosene will be reduced by P0.60 per liter, gasoline and diesel prices by P0.30 per liter.
UniOil Petroleum Philippines Inc. and Total Philippines Corp. have not yet announced any adjustments on their prices.
The fluctuation of global oil prices last week shoots up to its highest since November 2018.
The global supplies remain tight and rising tension on possible US sanctions against Iran, which might trigger the international oil price hike.
Reuters reported that the stronger dollar pulled down the oil prices and the rise in US crude inventories.
What can you say about this? Just feel free to leave your comments and reactions to this article.
You can also read Car Units To Be Used By Floyd Mayweather Jr. On His Visit To Philippines