Fuel prices rolled back

MANILA, Philippines — After three straight weeks of oil price hikes, oil companies will implement a rollback today.

Oil firms will reduce gasoline and diesel prices by P0.30 per liter and kerosene by P0.60 per liter.

Eastern Petroleum, Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. will implement their respective price adjustments starting at 6 a.m.

In an advisory, Seaoil Philippines Inc. said they would roll back pump prices ahead of other oil players at 12:01 a.m.

Total Philippines Corp. and UniOil Petroleum Philippines Inc. have yet to announce their price adjustments.

Global oil prices fluctuated during last week’s trading, shooting up to its highest since November 2014 and falling one percent at one point.

Reuters reported that global supplies remained tight and rising tension on possible US sanctions against Iran were the main reasons for the increase in international oil prices.

But the stronger dollar pulled down oil prices and the rise in US crude inventories as well as record weekly US production countered efforts to cut production and prop up prices, Reuters said.