Oil price rollback set Nov. 7

Oil companies have announced a decrease of up to PHP1.10 per liter in the pump prices of petroleum products effective Tuesday. In separate advisories Monday, Cleanfuel, Caltex, Jetti, Petro Gazz, PTT, Seaoil and Shell announced they will cut gasoline prices by PHP0.45 per liter and PHP1.10 per liter for diesel prices. Caltex, Seaoil and Shell will also slash kerosene prices by PHP1.05 per liter. Other oil firms are expected to follow suit. Last week, local oil players adjusted upward gasoline prices while slashing diesel and kerosene prices. With the oil price adjustments last week, pump prices in Metro Manila range from PHP57.65 to PHP86.85 per liter for gasoline, from PHP58.25 to PHP83.95 per liter for diesel, and from PHP75.85 to PHP88.19 per liter for kerosene. As of writing, data from OilPrice.com showed that West Texas Intermediate (WTI) crude price pegged at USD80.95 per barrel while Brent crude traded at USD85.27 per barrel.

Source: Philippines News Agency