Oil firms roll back gas, diesel prices

MANILA, Philippines - Oil companies yesterday announced another rollback for gasoline and diesel products effective today, marking the second time this week that local pump prices were adjusted.

Petron Corp. announced a P1.65 per liter rollback for Blaze 100, XCA, Xtra Advance and Super Xtra; 75 centavo per lifer of kerosene; and 55 centavo per liter of Turbo Diesel and DieselMax.

“This reflects movements in the international oil market,” Petron said.

Pilpinas Shell Petroleum Corp. and Chevron Philippines also announced a P1.65 per liter rollback for gasoline and 55 centavo per liter reduction for diesel products.

Independent oil player Flying V, on the other hand, announced a P1.50 per liter rollback for gasoline and 50 centavo per liter price cut for its biodiesel products.

On Monday, oil companies announced a rollback for gasoline and a price increase for diesel and kerosene products effective Tuesday morning. They implemented a 45 centavo per liter rollback for all gasoline products and raised the prices of diesel by 25 centavos and kerosene by 30 centavos.

It is unclear how long the downward trend in oil prices would continue. Since the start of the year, oil companies have implemented at least four price hikes and five price cuts.

Nevertheless, the oil price rollbacks come as a welcome reprieve for motorists and consumers, especially after Manila Electric Co. (Meralco) announced an increase in electricity prices effective April.

Meralco said electricity rates would increase by 27 centavos per kilowatt hour in the April bills of average residential consumers with a 200-kWh monthly consumption.

Meralco said the higher power rates were due to an increase in generation and transmission charges as the cost of power and electricity usage increased in March.

The power distributor noted a five-percent increase in daily electricity usage in March compared to February as customers use more electricity to beat the summer heat.