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Oil firms roll back pump prices as February ends

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ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/oil-price-hike-manila-gc-0355.jpg" style="width:950px" class="fr-fic fr-dib"/><span class="fr-inner"><span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">A gas station clerk receives a jeepney driver’s payment in coins at a station in Manila on March 15, 2022. <em>George Calvelo, ABS-CBN News</em></span> </span></span></span></div><p>MANILA -- Pump prices will be falling in the last week of February.</p><p>Oil companies announced the following rollbacks effective February 27, Tuesday.</p><p>PILIPINAS SHELL, SEAOIL (effective 6 a.m.)</p><p>Gasoline - P0.70/L decrease</p><p>Diesel - P0.95/L decrease</p><p>Kerosene - P1.10/L decrease</p><p>This is only the third time pump prices have decreased this year.</p><p>After the initial rollback to start the year, oil prices again increased due to tensions in the Middle East. </p><div><br/></div><p>DOE Assistant Director Rodela Romero said the primary reason for the price decrease is the additional oil supply in the US, among others.</p><div><br/></div><p>From January until Feb. 27, factoring in the latest rollback, there is still a net price increase for all products:</p><div><br/></div><p>Diesel       P4.45/L</p><p>Gasoline   P5.45/L</p><p>Kerosene  P0.40/L </p><div><br/></div><p>This means there are fewer rollbacks than increases.</p><div><br/></div><p>For example on gasoline, the total increase from January has already reached almost P7/L, while the total rollback only stands at P1.40/L.</p><div><br/></div><p>But Romero said the government has no control over price adjustments as it only reflects prices and other costs based on international prices.</p><div><br/></div><p>Romero said it is incorrect to think that rollbacks should be equal to the price increases as pricing depends on various factors such as imported fuel prices, peso-dollar exchange as well as premium and freight costs.</p><div><br/></div><p>LPG ROLLBACK </p><div><br/></div><p>Regasco President Arnel Ty estimates a small rollback for LPG this coming Friday.</p><div><br/></div><p>LPG prices in the Philippines only move once a month, usually during the first day of each month.</p><div><br/></div><p>Ty said as of today, the contract price of LPG is down by $13/metric ton, that&#x27;s why he estimates a P0.50-P1.00/kilo price reduction come Friday.</p><div><br/></div><p>Ty, however, does not discount the possibility of a reverse trend similar to what happened on the last day of January where the expectation was a rollback but ended up in an increase due to the sudden price increase on the last day of the month.</p><div><br/></div><div><a href="https://news.abs-cbn.com/business/2024/2/24/pump-prices-seen-dropping-before-end-february-1158">Pump prices seen dropping before end-February</a></div>