Oil firms roll back gasoline; diesel prices up

MANILA, Philippines - Pilipinas Shell Petroleum Corp. and Petron Corp. yesterday announced an oil price rollback of 55 centavos per liter for gasoline and a price increase for diesel of 35 centavos per liter effective today.

In its announcement, Shell said this was to reflect price movements in the global crude market.

The oil firm left the price of kerosene unchanged.

Petron Corp., the country’s biggest oil refiner, said it will implement the following price adjustments effective 6 a.m. on Oct. 8 that includes a 55-centavo per liter rollback in gasoline and a 35-centavo per liter increase in diesel.

This reflects movements in the international oil market.

The rollback is the first price cut for the month of October or the fourth consecutive rollback since September after a series of price hikes the weeks before.

The last price adjustment prior to today’s rollback was on Sept. 29 when oil firms announced a 50-centavo per liter rollback for diesel and 60-centavo per liter rollback for kerosene.

At the time, Petrom, Shell and independent oil firms Seaoil Philippines, PTT Philippines and Eastern Petroleum all implemented similar price cuts.