Oil price rollback today

MANILA, Philippines — Three straight weeks of increases in the price of gasoline come to a halt today as oil companies implement a less than P1 rollback in pump prices.

In separate advisories yesterday, oil firms said they would reduce gasoline and kerosene prices by P0.60 per liter, while diesel would have a P0.30 per liter decrease.

The adjustments will take effect at 6 a.m. today for most companies, except for Caltex and Cleanfuel which implemented the adjustments at 12:01 a.m.

The downward price adjustments this week, which reflect the movement in the international oil market, end the three consecutive weeks of price hikes for gasoline.

Last week, oil firms increased the price of gasoline by P1.10 per liter, while reducing that of kerosene by P0.35 per liter.

The price of diesel, meanwhile, was unchanged from its level the previous week.

These price adjustments resulted in a year-to-date net decrease of P6.75 per liter for kerosene and net increase of P6.10 per liter for gasoline, based on data from the Department of Energy.

Diesel, meanwhile, has a year-to-date net decrease of P5.05 per liter.