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.
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