More oil companies announce fuel price rollbacks

Motorists will be greeted with another round of fuel price reductions as oil firms successively announced big-time rollbacks in the pump prices of their petroleum products effective Sunday and Monday.

Independent oil players Unioil and Clean fuel announced they will slash the prices of gasoline by P2 per liter, and diesel by P0.90 per liter. The adjustments will take effect at 6 a.m. on Sunday, October 21.

Meanwhile, major players Pilipinas Shell, Petron Corp, and PTT Philippines said they will cut the prices of gasoline by P1.85 per liter, diesel by P0.90/liter starting 6 a.m. on Monday, October 22.

Petron will rollback the price of kerosene by P.90 per liter, while Shell will reduce its kerosene price by P0.95 per liter.

"Price adjustments reflect movements in the international oil market," Petron said.

Phoenix Petroleum and Petro Gazz on Saturday morning implemented price rollbacks of their diesel and gasoline products.

The companies’ announcements came ahead of the usual price adjustments implemented by local petroleum firms every Tuesday of the week. —Ted Cordero/LBG, GMA News