Oil firms roll back prices of petroleum products

ROLLBACK. Local oil companies slashed prices of petroleum products. INQUIRER file photo

MANILA, Philippines – Local oil companies slashed prices of petroleum products this Sunday to reflect the continued softening of prices in the international oil market.

Petron Corp., Phoenix Petroleum Philipppines, Chevron Philippines and Seaoil Philippines have cut prices of regular gasoline by 90 centavos a liter; premium gasoline by 45 centavos a liter; and of diesel and kerosene by 35 centavos a liter. Other companies have yet to make their respective announcements as of posting time.

This is the seventh consecutive week that prices of petroleum products have gone down.

Prior to this Sunday’s oil price rollback, diesel prices ranged from P42.20 a liter to P46.20 a liter, while gasoline retailed for P49.55 a liter to P57.07 a liter. As of last week, the year-to-date net increase for gasoline stood at P1.85 per liter while diesel has a net decrease of 36 centavos per liter.