By Lenie Lectura- November 20, 2017
AFTER five consecutive weeks of oil-price hikes, four companies announced on Monday a reduction in their respective products that will take effect at 6 a.m. on Tuesday.
Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. said there would be a fuel-price rollback of P0.50 per liter for gasoline, P0.35 per liter for kerosene and P0.15 per liter for diesel. Phoenix Petroleum Philippines Inc. and Eastern Petroleum Corp. will also implement a price rollback in gasoline and diesel at the same amount.
“This [rollback] is to reflect movements in the international petroleum market,” Seaoil said.
Other oil firms are expected to follow suit.
For the past five weeks the price of gasoline was raised five times, totaling P2.95 per liter. Diesel and kerosene prices also increased for the past four weeks to P1.75 per liter and P2.70 per liter, respectively. Local oil firms adjust their prices on a weekly basis to reflect prices of imported oil products that arrive in the country. The oil companies said it takes about a week to bring their products to the market from the time they import the products.