Pump price rollback set Tuesday but only 12.5% of increases so far this year

Philippine oil firms are set to roll back pump prices of petroleum products this week, equivalent to at most only 12.56% of the net increases so far this year.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. said they will lower prices per liter of gasoline by P2.30, diesel by P1.85, and kerosene by P1.65.

Cleanfuel, Petro Gazz, PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will implement the same changes, excluding kerosene which they do not carry.

The adjustments will take effect at 6 a.m. on Tuesday, April 5, for all firms except for Cleanfuel, which will adjust prices at 8:01 a.m., and Caltex at 12:01 a.m., the same day.

Other firms have yet to make similar announcements for the week.

Domestic pump prices have been on an uptrend in 12 out of the past 13 weeks, which the Department of Energy (DOE) has repeatedly attributed to the ongoing conflict between Russia and Ukraine that has hit global supplies and drove global prices higher.

The coming rollback for gasoline is equivalent to only 12.56% of the net increases this year, diesel at 6.64%, and kerosene at 6.40%.

Latest data available from DOE indicate that year-to-date adjustments stand at a net increase of P18.3 per liter for gasoline, P27.85 per liter for diesel, and P25.75 per liter for kerosene as of March 29, 2022. —KBK/BM, GMA News