AP File photo
Several oil companies have announced a price rollback effective Tuesday February 11. At 12:01 am, Petron Corp and PTT Philippines cut their prices for gasoline by 50 centavos per liter, diesel by 20 centavos and kerosene by 25 centavos. Phoenix Petroleum Philippines also cut its prices at 6 a.m.
PTT Philippines attributed the rollback to ““weaker than expected US and Chinese economic indicators for January 2014, speculating weaker demand, and the reported possible increase of oil exports from Libya, speculating an increase in supply.”
Before the price adjustments, diesel prices ranged from P41.55 to P46.45 a liter, while gasoline was retailing at P49.70 to P56.05 per liter.
With report by Amy R. Remo
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