After five consecutive weeks of increases for gasoline and diesel, and four for kerosene, oil companies will implement a slight price rollback starting Tuesday.
In separate advisories, they announced Monday a P0.60 per liter rollback for gasoline, P0.10 per liter for diesel, and P0.40 per liter for kerosene.
The new prices will take effect at 6 a.m. on Tuesday morning, February 13.
This was announced by Shell, Caltex, PTT, Phoenix, Seaoil, Unioil, Petron, and Total. Cleanfuel, for its part, will implement the price rollback at 12:01 a.m.
Director Rodela Romero of the Department of Energy (DOE) cited oil price volatility as reason for the price cut.
The factors, she added, that contributed to this downtrend include surge in US crude inventory; global supply growth coming from Libya, Nigeria and Brazil; and doubts over demand forecasts as the International Monetary Fund reported that China’s economic growth would slow to 4.6 percent in 2024.
“The volatility of oil market continues last week with factors pushing the prices to go down or up but after five consecutive weeks of increases, we will be expecting a minimal rollback in the prices of gasoline, diesel and kerosene,” she said on Monday when sought for comment.
Last Tuesday, February 6, oil companies implemented a per liter increase in the price of gasoline, diesel, and kerosene by P0.75, P1.50 and P0.80, respectively. The year-to-date adjustment of gasoline, diesel and kerosene stood at a net increase of P5.15/liter, P4.40/liter and P0.85/liter, respectively.