Oil firms announce big-time rollback

Ralf Rivas
Oil firms announce big-time rollback
Developments in the world market send oil prices down

MANILA, Philippines – Several oil companies will be reducing local prices to reflect the movement of prices in the world market.

Seaoil and Shell announced that they will roll back the price of gasoline by P0.90 per liter, diesel by P0.80, and kerosene by P0.80.

Seaoil’s price adjustment took effect on Sunday, May 5, while Shell’s will take effect on Tuesday, May 7.

Meanwhile, Petro Gazz announced a more attractive rate, as it will slash P1 per liter for gasoline and P0.80 for diesel. Its new rates will be implemented on Monday, May 6.

Phoenix Petroleum also announced the same rates as Petro Gazz. Its rollback was implemented noon on Saturday, May 4.

The latest rollback on oil products is the biggest for 2019, so far. Other oil firms are expected to announce similar rates. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.