Fuel price rollback: gasoline down 70¢ per liter, diesel by 95¢

INQUIRER FILE PHOTO

MANILA, Philippines  — Consumers will get a small reprieve from the hefty fuel price increases last week after local oil firms announced that they would slash the pump prices of petroleum products by up to P1.10 per liter on Tuesday, Feb. 27.

In separate advisories, the companies said the price per liter of gasoline would go down by P0.70 and diesel by P0.95. The price of kerosene will likewise decline by P1.10 per liter.

Shell and Seaoil will implement the rollbacks by 6 a.m. on Tuesday.

The Department of Energy (DOE) Oil Industry Management Bureau attributed the price declines this week to “worries about global demand.”

Oil demand initially slowed in the global market earlier this month, but the Organization of the Petroleum Exporting Countries is expecting  stronger growth throughout the year.

READ: OPEC sticks to oil demand view, sees better economic growth

Last week, prices climbed by up to P1.60 per liter as tensions in the Red Sea, a crucial channel for international oil trade, triggered a halt in shipping.

READ: Gasoline prices to go up by P1.60/liter, diesel by P1.10/liter

Prevailing retail prices in Metro Manila ranged from P54.35 per liter to P88.88 per liter as of Feb. 20, data from the DOE show.