Oil companies announce another price rollback effective Tuesday, March 21

OIL companies announced on Monday a price rollback of petroleum products effective on Tuesday morning.

This is the third consecutive week of price reduction.

Pilipinas Shell will reduce gasoline prices by P0.80 per liter, diesel price by P1.10 per liter and P1.20 per liter for kerosene at 6 a.m. of March 21.

PTT Philippines and Phoenix Petroleum also announced a similar price reduction for diesel and gasoline effective 6 a.m. on Tuesday.

Other oil firms are expected to follow suit.

Last week oil firms implemented a downward price adjustment in gasoline by P0.35 per liter, diesel by P0.60 per liter and kerosene by P0.70 per liter.  A week prior to that, the prices of diesel and gasoline also went down by P0.10 and P0.55 per liter, respectively.

“This is to reflect movement in the international oil market,” the oil firms said.