Oil price rollback expected Tuesday

GOOD news for motorists: oil firms are set to reduce pump prices of petroleum products starting Tuesday, April 12, to mark the second straight week of rollbacks.

In separate advisories, fuel companies announced that public utility drivers and private car owners can expect another price reduction starting today.

Pilipinas Shell Petroleum Corp. said it will lower prices per liter of gasoline by P1, diesel by P0.35, and kerosene by P3.

Cleanfuel and Petro Gazz will implement the same changes, excluding kerosene which they do not sell.

The adjustments will take effect at 6 a.m. on Tuesday, April 12, for all firms except for Cleanfuel which will implement the changes at 8:01 a.m. on the same day.

Other firms have yet to make similar announcements for this week.

Domestic pump prices have been on an uptrend in 12 out of the past 14 weeks, which the Department of Energy (DOE) has repeatedly attributed to the ongoing conflict between Russia and Ukraine that has hit global supplies and drove global oil prices higher.

Despite the recent price rollbacks, gasoline already recorded a net increase for the year at P16 per liter, latest data available from the DOE showed.

Year-to-date adjustments also stand at a net increase of P26 per liter for diesel, and P24.10 per liter for kerosene as of April 5, 2022.

SunStar Publishing Inc.