PHOENIX Petroleum Philippines, one of the so-called independent oil industry players, spearheaded the implementation of oil price rollback effective today.
In a report, Phoenix said a rollback of P0.50 per liter in pump prices of diesel and P0.20 per liter in pump prices of gasoline takes effect at 6 a.m. today.
Other oil companies, including the three oil giants Pilipinas Shell, Petron Philippines, and Chevron (Caltex) Philippines, are expected to follow suit adopting the same level of oil price rollback, which may take effect Tuesday after the assessment of last Friday’s trading activities that will be accessed today.
The rollback was reportedly due to movement of oil prices in the world market.
The rollback came on the heels of two consecutive oil price increases, the second one a big time rollback last July 11 of P1.20 per liter in pump prices for diesel, P0.70 for gasoline, and P0.90 in kerosene.