Oil price rollback today

MANILA, Philippines — Oil firms are rolling back pump prices anew, after global oil prices plunged due to the new COVID-19 variant.

Oil firms will reduce gasoline prices by P1.10 per liter, diesel prices by P0.60 per liter and kerosene by P0.50 per liter today.

This is the fifth successive week kerosene prices will be reduced, the fourth consecutive week of price cuts for gasoline and the second week of decline for diesel prices.

In the past trading week, global oil prices plunged to their biggest drop since April 2020 over concerns on the new variant of COVID-19, Reuters reported.

Before this week’s price changes take effect, year-to-date adjustments stand at a net increase of P19.20 per liter for gasoline, P16.30 per liter for diesel and P13.69 per liter for kerosene, Department of Energy data showed.