Fuel companies will implement a huge price rollback for petroleum products this week.

Effective at 6 a.m. this Tuesday, Caltex, Cleanfuel, Petro Gazz, Phoenix, PTT Philippines and Seaoil will be reducing per-liter rates of gasoline by P5.70 and diesel by P6.10.

Caltex and Seaoil will also reduce kerosene prices by P6.30 per liter. 

The upcoming rollback comes after four weeks of consecutive price hikes.

The Department of Energy earlier said that the upcoming rollback was related to the Covid-19 lockdown in Shanghai, China, interest rate hikes by various central banks, and the threat of a recession “which could cause demand destruction.”

 

Ronald Espartinez