The country’s oil firms cut pump prices by P2.15 for diesel, P2.10 per liter for kerosene, and P0.40 per liter for gasoline effective 6 a.m. Tuesday – slightly lower rollbacks than the forecast made over the weekend. READ:
for gasoline effective 6 a.m. Tuesday – slightly lower rollbacks than the forecast made over the weekend.
PTT Philippines, Phoenix Petroleum Philippines, Seaoil Philippines, PetroGazz, Cleanfuel and Chevron Philippines also cut pump prices. Department of Energy director for the Oil Industry Management Bureau Rodela Romero said this was due to an increase in freight cost and premium for ethanol products.Romero said the price rollbacks were “due to the COVID surge in China, the interest rates hike, and the OPEC cuts in its forecast for 2022 global oil demand growth.”
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