MANILA -- Another oil price rollback is in the pipeline, and this one is likely to be particularly pleasing to motorists when it takes effect on Tuesday (June 4).
Major and independent oil firms in the country announced over the weekend that they will implement significant reductions in local pump prices, saying that it will be "a rollback the public can really feel in their pockets."
In separate statements on behalf of their companies, oil executives said that prices of unleaded gasoline will be reduced by PHP1.70 per liter, diesel will be slashed by PHP1.05 per liter and those carrying kerosene will likewise dial it back by PHP1.00 per liter.
This price adjustment follows the PHP0.35 per liter reduction on gasoline and PHP0.45 per liter cut in diesel that the local oil industry implemented last May 28.
The same oil executives explained that this week's price rollback only reflects that latest movements in the international crude market, which local oil firms are passing on to the Filipino consumer.
They further explained that the oil market can at times be fickle, "so consumers should enjoy the lower retail prices of oil while they last."
It was further explained that the weekly oil price movements are simply "pass through charges" that do not benefit local oil players in any way. (PNA)
