Oil companies to roll back prices on Tuesday

MANILA — Several oil companies will cut prices of their products effective 6 a.m. on Tuesday.

In an advisory, Petron announced price rollbacks at PHP1.45 per liter for gasoline, PHP0.60 for diesel, and PHP1.00 for kerosene.

Petro Gazz said it will slash gasoline price by PHP1.55 per liter and diesel by PHP0.50 per liter.

PTT Philippines said price of its gasoline will be reduced by PHP1.45 per liter and diesel by PHP0.60 per liter.

These price rollbacks follow that of Seaoil’s, which reduced gasoline price by PHP1.45 per liter, diesel by PHP0.60 and kerosene by PHP1 starting 6 a.m. Monday.

These adjustments are in line with developments in the international oil market.

In recent weeks, oil companies increased fuel prices after an uptick in global prices following the drone attacks on oil facilities in Saudi Arabia.

Saudi Arabia has indicated its confidence the supply situation will normalize soon.

Meanwhile, Petron will jack up prices of liquefied petroleum gasoline (LPG) by PHP4.50 per kilogram and AutoLPG by PHP2.50 per liter effective 12:01 a.m. Tuesday.

The price adjustment reflects the international contract price of LPG for the month of October. Joann Villanueva / PNA – northboundasia.com