Oil price rollback set on Tuesday

After several weeks of oil price hike, some oil companies will implement price rollbacks on oil products on Tuesday, Oct. 24.

Diesel products will have P1.10 per liter rollback, while P0.35 centavos per liter on gasoline and P0.45 centavos per liter on kerosene products.

Oil price rollback will be implemented on different hours depending on the oil company.

The Department of Energy already confirmed that the rollback was caused by the decreasing energy demand outlook by the Organization of the Petroleum Exporting Countries and the International Energy Agency due to global inflation and the looming economic recession. –Report from Naomi Tiburcio-KC/gb