OIL companies will make another round of oil price rollback on Tuesday, December 11.
In separate advisories, Petro Gazz, Jetti Petroleum, PTT Philippines, Phoenix Petroleum Philippines and Eastern Petroleum said they will start the adjustment starting 6 a.m. Tuesday, December 11, with a P0.10 rollback on diesel and P0.40 increase for gasoline,
Seaoil and Shell will also implement the said price adjustments, including a P0.45 rollback in kerosene products.
Caltex will implement similar price adjustments at 12:01 a.m. of December 11.
The price adjustments were reportedly due to the decision of the Organization of the Petroleum Exporting Countries (Opec) and Russia to lessen the oil production by one million barrel.
From January 1 to December 4, prices of gasoline and diesel products increased at least 30 times as compared to their rollbacks, which is at least 18 to 19 times. (SunStar Phillippines)