Oil Companies Announce Rollback On Fuel Product Prices
Oil firms announced rollback on the fuel product prices, which would be a big relief on the pockets of Filipino motorists.
The gasoline product prices would be reduced by P2:50 per liters and P2:00 per liter of diesel this week.
The rollback on oil prices is now on its fifth week, which is also considered as an early Christmas gift to Filipino consumers.
PetroGazz would start their rollback effective 6 am on Tuesday (November 13, 2018) while other oil firms will follow.
The consecutive rollbacks on fuel prices came after the country was snagged with inflationary pressure due to increasing prices of commodities.
Over the past few months, the soaring prices of basic commodities in the country were linked to the increasing oil price.
The country’s oil industry is anchored on the deregulated market that frequently causes price swings in the weekly movement of fuel products.
The Department of Energy (DOE) also expressed their disagreement with the price movement without itemizing the cost charged to consumers.
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