Local oil companies rolled back the prices of gasoline, diesel and kerosene products by 25 centavos per liter due to lower petroleum prices in the world market.
Fuel firms which implemented the rollback are:
- Flying V (12 noon, March 22)
- Seaoil Philippines (6 p.m., March 22)
- Chevron Philippines (12:01 a.m., March 23)
- Pilipinas Shell (12:01 a.m., March 23)
- Eastern Petroleum (12:01 a.m., March 23)
- Petron (6 a.m., March 23)
- Total Philippines (6 a.m., March 23).
Despite the recent price adjustment, a multisectoral group said the cost of fuel should be further reduced, Inquirer.net said.
Based on a study made by Bagong Alyansang Makabayan, fuel sold in the local market is overpriced by P8.12 a liter between January 2008 and 2010.
"The group (Bayan) said that in January 2010 alone, overpricing reached P1.20 per liter," Inquirer.net said in its report.
The recent rollback came after four consecutive weeks of oil price hikes.