Oil Firms to Impose Rollback After 10 Straight Weeks of Hikes

Oil Firms Announces Price Adjustment This Week

Several oil firms in the country announced a rollback on prices of petroleum products after 10 straight weeks of hikes.

Oil prices play a very important role to the country’s economy. Any movement on prices of petroleum products usually causes significant impact on prices of products and services in the country.

Pump price hike contribute to the daily burden of Filipino people especially to those who were using public vehicles for a living and to individuals using private vehicles to reach their point of destination.

Oil Firms

Various oil companies in the Philippines will implement a reduction on prices of gasoline, diesel and kerosene. The total price increase during this year has been recorded at P21.95 per liter.

Gasoline stations including Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp. and Seaoil Philippines inc. released an advisory regarding the upcoming pump price rollback on Tuesday (November 9, 2021).

These oil companies would implement a price reduction of P1.00 per liter of gasoline, P0.60 per liter of diesel and P0.65 per liter of kerosene. Cleanfuel and Petro Gazz will impose similar changes except for kerosene.

Oil Firms

All gas stations are expected to impose the price adjustment at 6: 00 am on Tuesday except for Caltex which will implement the adjustments at 12:01 am and Cleanfuel at 8:01 am.

Meanwhile, other oil firms are expected to make similar announcements later this week. The oil price rollback has been announced after 10 straight weeks for consecutive price increase.

The Department of Energy (DOE) has released the latest data available showing the year-to-date adjustments. The total net increase has been recorded at P21.95 per liter of gasoline, P18.10 per liter of diesel, and P15.74 per liter of kerosene.

What can you say about the expected price adjustment this week? Just feel free to leave your comments and reactions to this article.

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