Rollback in prices of gasoline expected at 12 a.m. Tuesday

MANILA -- Starting at 12:01 a.m. Tuesday, local oil companies will roll back prices of gasoline while keeping the prices of other petroleum products as is.

Petron Corp., Chevron-Philippines (formerly Caltex), Total Philippines and independent oil firm Eastern Petroleum-Philippines announced they will slash their respective prices of premium and unleaded gasoline by P0.90 per liter as well as regular gasoline by P0.20 per liter.

Petron, Chevron and Eastern’s adjustment will take effect at 12:01 a.m. Tuesday while that of Total will be implemented at 6 a.m., also on Tuesday.

Independent player Unioil-Philippines will shed a slightly bigger amount of P1 per liter on its gasoline products “Quantum” and unleaded also at 12:01 a.m. Tuesday.

No price adjustments were announced for kerosene and diesel, which is considered the lifeblood of the jeepney-dominated local transport sector.

Most oil companies are coming off a rollback on premium and unleaded last week wherein its prices were slashed by P0.45 per liter. However, pump prices for regular, diesel and kerosene were hiked during that particular week.

With Monday’s announcement of price cut, the average price of premium in Metro Manila fell slightly to P54 per liter. Average prices of diesel and kerosene did not budge at P46 per liter and P55 per liter, respectively.

However, Tuesday's rollback may not be enough to put a smile on the faces of consumers, who have had to deal with hefty fuel price hikes the past few weeks due to price adjustments in the international market.

Since July 17, price of premium gasoline have gone up by P7.45 per liter, regular gasoline by P7.95 per liter, kerosene by P7.25 per liter, and diesel by P7.40 per liter. (PNA)