The country’s oil firms implemented a price rollback of as much as P2.80 per liter effective 6 a.m. today (Tuesday) to reflect the movement of prices in the world oil market.
Oil companies cut the price of diesel by P2.80 per liter, kerosene by P2.10 per liter, and gasoline by P0.75 per liter.
“Petron will implement the following price rollbacks effective 6 a.m. on Jan 10: P0.75/li for gasoline, P2.80/li for diesel, and P2.10/li for kerosene. These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Phoenix Petroleum Philippines, Seaoil Philippines, Petro Gazz, Cleanfuel, and PTT Philippines also issued separate advisories of the rollback.
World oil prices tumbled last week on fears of economic slowdown and global recession in 2023.
The International Monetary Fund issued a pronouncement that the global economy may worsen in 2023 due to the continuing war between Russia and Ukraine, rising interest rates, and the spread of COVID-19 with the loosening of restrictions from China.
On Jan. 3, 2023, the oil companies raised the price of gasoline by P2.90, diesel by P2.10 per liter, and kerosene by P3.05 per liter.