AFTER two consecutive price hikes, oil companies this time implemented a price rollback, effective today.
The price rollback was spearheaded by Pilipinas Shell, one of the oil giants in the country, Flying V, PTT, Phoenix Petroleum Philippines, and Eastern Petroleum, four of the so-called independent oil industry players in the country.
The rollback was pegged at P0.35 per liter in pump prices of gasoline, P0.55 per liter in pump prices of diesel and P1.20 per liter in kerosene.
Eastern Petroleum’s rollback took effect at 12:01 a.m. today while Shell Flying V, PTT and Phoenix’s price decrease took effect at 6 a.m.
The rollback was allegedly due to oil price movement in the world market.
The rollback came after two consecutive weeks of oil price hike which started on February 26.