By Lenie Lectura - May 8, 2017
PETROLEUM companies implemented a price rollback on petroleum products effective on Tuesday for the third straight week, reflecting movements in the international market.
A P0.90 per liter price rollback both for gasoline and kerosene took effect on Tuesday morning. Diesel price declined by P1.05 per liter.
Pilipinas Shell, Eastern Petroleum, and Seaoil said on Monday the price adjustment takes effect at 6 a.m. on Tuesday. Other oil firms are expected to follow suit.
“This is to reflect movements in the international petroleum market,” they said.
On May 2 pump prices went down by P0.85 per liter for gasoline, P1 per liter for kerosene and P0.70 per liter for diesel.
A week prior to that, oil firms implemented a P0.20 per liter reduction in gasoline, P0.30 per liter for diesel and P0.40 per liter in kerosene.
The Department of Energy said this week’s price rollback was attributed to the ample supply, but low demand in the world market.