More oil price rollbacks today

MANILA, Philippines — Oil companies are rolling back pump prices for the second consecutive week today following the downtrend in the international oil market.

In separate advisories, oil firms said gasoline prices would decrease by P0.45 per liter, diesel prices by P1.45 per liter and kerosene prices by P1.70 per liter.

Most companies will roll back pump prices at 6 a.m., except for Caltex and Cleanfuel which start adjusting prices at 12:01 a.m.

In the past trading week, world crude prices fell for the second straight week amid worries over central banks’ aggressive rate hikes and the impact of COVID-19 restrictions in China, the largest oil consumer, on global demand.

Last week, oil companies reduced gasoline prices by P2.60, diesel by P1.55 and P1.60 for kerosene.

As a result, year-to-date total adjustments for gasoline stand at a net increase of P16.95 per liter, P36.25 per liter for diesel and P31.60 per liter for kerosene.