Oil firms implemented a price rollback of as much as P1.30 per liter effective 6am Tuesday to reflect the movement of prices in the world market.
The oil firms cut the price of kerosene by P1.30 per liter, diesel by P1.20 per liter and gasoline by P0.60 per liter following the recent decision of the Organization of the Petroleum Exporting Countries and its allies to extend the production cut.
“Petron will implement the following price rollbacks effective 6 a.m. on June 11: P0.60 per liter for gasoline; P1.20 per liter for diesel and P1.30 per liter for kerosene. These reflect movements in the international oil market,” the country’s biggest oil company said.
Petro Gazz, PTT Philippines, Chevron Philippines, Cleanfuel and Seaoil Philippines also issued separate advisories of the rollback.
“Oil prices remain under pressure this week despite OPEC+ agreed to extend their voluntary production cuts of 2.2 million barrels per day (MMBD) till end of this year. This decision comes in response to growing concerns over weakening demand growth, high interest rates and increased production from the US,” Department of Energy director for the oil industry management bureau Rodela Romero said last week.
On June 4, the oil companies implemented a mixed adjustment on the price of petroleum products.
The oil firms rolled back the price of gasoline by P0.90 per liter but increased the price of diesel and kerosene by P0.60 per liter and P0.80 per liter, respectively.
Year-to-date total adjustment of gasoline and diesel stand at net increase of P6.65 per liter and P5.45 per liter, respectively. Kerosene, on the other hand, has a net decrease of P0.25 per liter.
