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Oil prices down again

  • Written by Jeffrey C. Tiangco
  • Published in Metro
  • Read: 263

FOR the sixth consecutive week, oil companies implemented another round of oil price rollback effective today.

Pilipinas Shell, one of the three oil giants in the country, Phoenix Petroleum and Eastern Petroleum, two of the so-called independent oil players, spearhead the announcement of rollback in their petroleum products effective at 6 a.m. today.
The rollback was pegged at P0.10 per liter in pump prices of gasoline, P0.75 for diesel and P0.85 in kerosene.
The oil companies said the rollback was due to movement of oil prices in the world market which is on a downward trend.
The rollback is the sixth in the same number of weeks that started last month or on the first week of July, a day after President Rodrigo Duterte assumed as the 16th President of the country.