Oil firms announce fuel price rollbacks for third time this year

An attendant fills up a tricycle with gasoline at a petrol station in Manila on March 15, 2022.

AFP / Ted Aljibe

MANILA, Philippines — Local oil firms announced price reductions in their fuel products this week after the International Energy Agency (IEA) announced that its member-countries will now release a total of 120 million barrels of emergency oil stocks in the global market over the next six months. 

This is the third time this year that weekly fuel prices went down, after the Philippines experienced sustained price hikes earlier this year due to developments affecting the global oil market — where the country gets its supply from.

In an advisory Monday, Seaoil Philippines said it will be implementing price rollbacks of P1 per liter for gas; P0.35 per liter for diesel and P3 for kerosene, effective tomorrow morning.

Full Story: https://www.philstar.com/headlines/2022/04/11/2173855/oil-firms-announce-fuel-price-rollbacks-third-time-year