Oil price rollback set Tuesday

MANILA -- Pump prices in the country will go down a little bit more on Independence Day as world petroleum prices continue to take a direction favorable to consumers.

In seperate text messages to journalists, local oil firms announced a price reduction of 0.55 centavos/liter on unleaded gasoline, 0.60 centavos/liter on diesel and 0.60 centavos/liter on kerosene effective Tuesday (June 12).

As in the past, some oil companies are expected to implement the price rollback at the stroke of midnight while others will adjust prices at 6AM tomorrow.

Oil executives simply attributed the imminent oil price adjustment to a downward movement in crude prices in the world market.

This will be the second week in a row when Filipino motorists will see a decrease in the retail prices of petroleum products. It follows a more substantial oil price rollback that was implemented last June 3, wherein unleaded gasoline was rolled back by P1.20/liter and diesel was reduced by 0.90 centavos/liter. (PNA)