AFTER the Department of Energy demanded an explanation for the unabated six consecutive oil price hikes amid at least P4 increase in excise tax on all petroleum products, oil companies implemented another big time price rollback.
Phoenix Petroleum, one of the so-called independent oil industry players in the country spearheaded the implementation of the latest oil price rollback which took effect at 12:01 a.m., Saturday, pegging the rollback in pump prices of their gasoline at P1.15 per liter and pump prices of their diesel at P1.30 per liter.
Petron Philippines, one of the country’s three oil giants, followed suit announcing a rollback in pump prices of their gasoline of P1.05 per liter, diesel at P1.25 per liter and kerosene at P1.20 per liter which took effect at 6 a.m. today.
The latest big-time oil price rollback, the second straight for this month, was allegedly due to movements of oil prices in the world market.
Other oil companies are expected to announce their own price rollback.
Earlier, the DoE, apparently alarmed over the unabated six consecutive weeks of oil price hikes demanded a written explanation from oil companies for their price increases.
The demand for explanation was later on met with two consecutive big-time oil price rollbacks.
DoE records showed that the six consecutive weeks of oil price hike, starting January 2, for gasoline 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.