Oil companies are set for another oil price cut on petroleum products on Tuesday, March 28.
Petro Gazz, Sea Oi,l and Shell announced a rollback of P1.30 per liter of diesel, P0.85 per liter of gasoline, and P1.90 per liter on kerosene products.
According to the Department of Energy, oil price rollback is due to the fear of recession, the increase in the United States (US) commercial crude stock, and other issues in the strategic petroleum reserve in America.
“There will be a rollback for the prices of petroleum products tomorrow due to continued concerns of a recession; increase in the US Commercial Crude Stock and the pronouncement made by US Sec. of Energy in a congressional hearing that it would be difficult for US to take advantage of low price this year to fill the SPR or strategic petroleum reserve,” DOE Oil Industry Management Bureau Assistant Director Rodeal Romero said. –KC-Report from Naomi Tiburcio/gb
