OIL companies on Monday announced another round of price rollback on petroleum products.
To take effect on Tuesday morning, March 28, gasoline prices will be slashed by P0.85 per liter, diesel by P1.30 per liter, and kerosene by P1.90 per liter.
The price adjustments of Petron, Shell, Caltex, Total, Unioil, Seaoil, PT&T, Phoenix will be implemented at 6 a.m. For Cleanfuel, its adjusted pump prices will take effect at 12:01 a.m.
The oil companies implemented last week a per liter decrease of P1.20 for gasoline, P1.85 for diesel and P2.00 for kerosene.
These resulted to a year-to-date net decrease for diesel at P2.85/liter and kerosene at P3.65/liter. Gasoline on the other hand, has a net increase of P5.50/liter.
Oil firms adjust their prices every week to reflect movements in the world oil market.
The local oil industry uses MOPS, which is the daily average of all trading transactions between buyer and seller of petroleum products as assessed and summarized by Standard and Poor’s Platts, a Singapore-based market wire service.
MOPS prices of gasoline, diesel and kerosene have decreased per barrel by about $3.5, $4.9 and $5, respectively in the past weeks.
