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Petro Gazz to roll back diesel, gasoline prices

As another massive hike on the pump prices of petroleum products are expected next week, fuel company Petro Gazz on Wednesday announced it will implement a price rollback on its diesel and gasoline products.

In an advisory, Petro Gazz said its stations nationwide will roll back diesel by P5.85 per liter and gasoline by P3.60 per liter, effective March 10 to 13.

The price adjustments will take effect at 6 a.m. on March 10.

The rollback is aimed to “minimize the impact to motorists since we are expecting another round of oil price hike next week,” according to Petro Gazz.

Citing monitoring of oil trading as of March 7 based on the Mean of Platts Singapore, an oil industry source told GMA News Online that the price per liter of diesel may surge by P12.72 per liter. 

Gasoline prices, meanwhile, are estimated to increase by P8.28 per liter.

Effective March 8, Tuesday, oil companies imposed the biggest price hike on petroleum products so far this year, marking the 10th straight week of price increases since the beginning of the year.

Diesel was increased by P5.85 per liter, gasoline was hiked by P3.60 per liter, and kerosene was increased by P4.10 per liter.

Year-to-date adjustments stand at P11.65 per liter for diesel, P9.65 per liter for gasoline, and P10.30 per liter for kerosene.—LDF, GMA News