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Oil firms implement price rollback

  • Written by Jeffrey C. Tiangco
  • Published in Metro
  • Read: 244

OIL companies, after implementing oil price hike for six consecutive weeks that prompting the  
Department of Energy (DoE) to demand an explanation, implemented a big-time oil price rollback
effective today.

Flying V, one of the so-called independent oil industry players, spearheaded the
announcement of rollback in pump prices of their petroleum products, pegging at P1 the decrease in
pump prices per liter of their gasoline, P1.30 in diesel, and P0.85 in kerosene. The rollback took
effect at 12:01 a.m. today.
    
Pilipinas Shell, one of the three oil giants in the country, Phoenix Petroleum Philippines,
PTT, and Eastern Petroleum, three other independent oil players, followed suit with the same price
rollback but the decrease took effect later at 6 a.m.
    
The rollback, the first for the year following six consecutive weeks of oil price hike that
started January 2 and on top of the implementation of increase of at least P4.00 in excise tax in
all petroleum products, was allegedly due to movement of oil prices in the world market.
    
The consecutive and rampant oil price hike, on the other hand, prompted the DoE to issue an
order directing oil companies to explain the basis of their oil price hike.
    
DoE records showed that increase in the pump prices of gasoline since January 2, ranges from
P2.20 to P2.50 while diesel from P1.90 to P2.00.
    
The records also showed that prices per liter of gasoline today ranges from P55 to P57 per
liter while diesel from P47 to P49 per liter.