OIL companies announced another price rollback effective today.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, Petron, PTT Philippines, Seaoil, and Shell said they will slash gasoline prices by P1.20 per liter and P1.85 per liter for diesel.
Caltex, Petron, Seaoil, and Shell will also cut kerosene prices by P2 per liter.
The changes will take effect at 6 a.m. today for all the firms except for Cleanfuel which will adjust prices at 12:01 a.m. the same day.
This will be the second week that retailers reduce the prices of diesel and kerosene.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) earlier attributed the adjustments in oil prices last week to developments in the banking sector, such as the collapse of the Silicon Valley Bank and Signature Bank, as well as the Credit Suisse and First Republic Bank crises.
Meanwhile, with the price adjustments last week, gasoline prices were higher by P8.80 per liter before the year started; diesel prices, also up by P2 per liter; and kerosene, up by P0.65 per liter. (PNA)/PN
