Oil firms set to roll back pump prices

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OIL companies are set to roll back prices of some petroleum products this week.

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According to industry sources, the oil firms may lower prices of diesel by 15 to 25 centavos per liter.

They are also expected to reduce prices of kerosene by 40 to 50 centavos per liter.

The oil firms, however, may implement a minimal increase in prices of gasoline.

The sources estimated a gasoline price hike of 5 to 10 centavos per liter.

Oil companies usually make the formal announcement on price adjustments on Monday, with the changes taking effect on Monday evening or the following day.

The anticipated price adjustments are primarily driven by continuous downward trend in oil prices in the world market resulting from oversupply.

Last week, the oil companies also lowered prices of diesel and kerosene.

For the month of December alone, they rolled back prices of diesel for a total of P3.90 per liter, P3.75 per liter for kerosene and P1.10 per liter for gasoline.

RITCHIE A. HORARIO

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