OIL firms announced on Monday a price rollback in diesel and kerosene, but they will increase the prices of gasoline starting on Tuesday.
Effective on Tuesday morning, oil firms will implement a price decrease in diesel by P0.10 per liter and a price increase of P0.40 per liter in gasoline products.
The oil firms involved in this mixed rollback-price hike move are Seaoil, Petro Gazz, PTT
Philippines, Phoenix Petroleum, Eastern Philippines and Shell.
Other oil firms are expected to follow suit.
The diesel price rollback is on its ninth consecutive week, bringing overall price reduction in diesel to anywhere between P10.55 and P10.75 per liter for the past two months. Gasoline prices have been reduced by anywhere between P12.05 and P12.20 per liter for the past eight weeks.
The Oil Industry Management Bureau of the energy department explained that Philippine retail prices are based on the average prices cited on the Mean of Platts Singapore (MOPS). This refers to the prices of finished product, which include the gasoline and diesel sold in pumping stations.
Local oil firms adjust their prices on a weekly basis to reflect prices of imported oil products that arrive in the country.
Image credits: Nonie Reyes