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CURRENT EVENTS
Heads Up Motorists: Big Oil Price Rollback Takes Effect March 22
by: The Beat Asia
March 22, 2022
Several oil companies in the Philippines have announced price rollbacks, a much-needed respite after successive increases due to a surge in global costs in recent weeks.
Seaoil Philippines will roll back the price of gasoline by P5.45 per liter, diesel by P11.45, and kerosene by P8.55, effective March 22.
PTT Philippines, Phoenix Petroleum, and Cleanfuel have also announced similar price adjustments on their Facebook pages.
The rollback is highly anticipated after Department of Energy Secretary Alfonso Cusi explained during President Rodrigo Duterte’s “Talk to the People” address aired on March 16 that lower demand from China due to a lockdown and continued talks between Russia and Ukraine tempered prices in the global oil market.
The adjustment is a welcome respite after 11 consecutive weeks of price increases.
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