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Six companies roll back oil prices


Prices for gasoline, kerosene and diesel have been rolled back by six companies, GMA News TV’s Balitanghali reported Sunday.

Eastern Petroleum reduced its pump prices by P1.60 per liter for diesel and P1.90 per liter for gasoline while Unioil rolled back prices by P1.50 per liter for diesel and P1.80 per liter for gasoline.

Phoenix Petroleum Philippines rolled back prices by P1.55 per liter for diesel and P1.75 per liter for gasoline at 6 a.m., Sunday.

Other companies that rolled back prices Sunday include Shell, Petron, and Seaoil, with a uniform reduction in pump prices of P1.75 per liter for gasoline, P1.80 per liter for kerosene and P1.55 per liter for diesel.

Weak global demand and the abundance of US shale oil have impacted oil prices, dragging costs down to five-year lows.

Data from the Department of Energy show that prices of diesel have been rolled back 30 times, and prices of gasoline 24 times, so far this year. — Patricia Denise Chiu/BM, GMA News
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