Oil firms to roll back diesel, hike gas prices on Tuesday

MANILA, Philippines – Six oil companies on Monday announced that they are cutting diesel prices and will increase gas prices on Tuesday.

PTT Ph, Phoenix Petroleum, Eastern petroleum Flying V, Shell and Petron will reduce its diesel price by P0.15 per liter and increase its gasoline price by P0.10 per liter.

On the other hand, Flying V, Shell and Petron will also decrease the prices of kerosene by P0.25 per liter.

Flying V will be the first to apply the price change at 12:01 a.m., January 5, Tuesday, while the five oil firms will implement the price change at 6 a.m.

The coming adjustment of fuel prices is the first in 2016 as the last price cut was announced before the New Year, last Dec. 28, 2015, where gasoline prices were slashed by P.60 per liter and diesel by P.20 per liter due to the downward movement of oil prices in the world market. 

There was also a rollback on liquefied petroleum gas (LPG) last January 1.