After 10 straight weeks of price hikes, oil companies on Monday, November 8, announced a rollback in pump prices of petroleum products.
Shell, Caltex, Seaoil, Cleanfuel, and Petro Gazz will slash prices of gasoline and diesel by P1 and P0.60 per liter, respectively.
Kerosene prices will also be slashed by P0.65.
The changes will take effect on Tuesday, November 9, at 6 am.
The rollback, however, is still quite little compared to the increases implemented for months.
Gasoline, so far, has jumped by P21.95 per liter in 2021, while diesel and kerosene prices have soared by P18.10 and P15.64, respectively.
Inflation in oil prices rose to 32.9% in October, pushing up transportation costs.
The government is set to give cash aid to public utility vehicle drivers feeling the pinch of inflation.
Global oil prices have skyrocketed, as the world economy reopens and demand for petroleum recovers. – Rappler.com