Oil firms announce gasoline, diesel price rollback

Motorists can expect lower petroleum prices this week after the first batch of industry players announced a price rollback of as much as 20 centavos per liter over the weekend.

In an advisory sent to reporters, Cleanfuel announced the highest rollback of 20 centavos for every liter of diesel and another 15 centavos for gasoline effective Sunday, 25 August, at 4:01 pm.

Meanwhile, PTT Philippines, Phoenix Petroleum and Petro Gazz, in separate advisories, all slashed the cost of diesel and gasoline prices by 10 centavos each, effective 27 August, Tuesday, at 6 a.m.

The rollback reflects movements in the international oil market.

On Friday, the West Texas Intermediate crude oil plunged by 2.13 percent to $54.17 per barrel while Brent Crude prices declined by 0.97 percent to $59.34.

Last week, local industry players jacked-up prices in petroleum by as much as P1.