MANILA -- A 10-centavo per liter rollback in the prices of both unleaded gasoline and diesel is set to be implemented Tuesday (August 7), even if motorists are unlikely to notice the difference.
Industry spokesmen, through separate text messages to journalists, announced the "very modest" price reduction, which is set to take effect at 6 a.m. for most oil companies. "Other oil companies may implement their rollbacks a little earlier than the rest of the pack as a competetive tactic and to shake off the old cartelized image," an industry insider said.
A slightly larger rollback is in store for kerosene, which will be reduced by 25-centavos per liter, it was also announced.
As in the past, oil executives are attributing the imminent decrease in fuel prices to movements in the world crude market, which they are only passing on to the Filipino consumer.
It can be recalled that last July 31, prices of unleaded gasoline increased by PHP1.15/liter, diesel by PHP0.95/liter and kerosene by PHP0.85/liter. (PNA)
