Oil prices set for rollback on October 22

MANILA, Philippines— Oil firms on Monday, October 21 have announced a rollback on pump prices effective on Tuesday, October 22. 

In separate advisories, PetroGazz, Seaoil and Shell Philippines announced the following rollbacks: 

• Diesel prices - Down by P0.70 per liter
• Gasoline prices - Down by P0.50 per liter
• Kerosene prices- Down by P0.85 per liter

All of the mentioned gas firms will implement their rollback at 6:00 am on October 22.

This week’s rollback offers a small reprieve for motorists following consecutive oil price increases. There has been a surge in international oil prices as tensions in the Middle East escalate. 

Last week, oil prices were projected to go down by P0.90 to P1.00 per liter for diesel and P0.30 to P0.50 per liter for gasoline, according to Unioil’s projections.

Prior to this week’s rollback, fuel prices were on the rise for three consecutive weeks. 

Diesel, gasoline and kerosine prices all had an increase of at least P2.60 per liter last week.