AFTER five weeks of successive price increases, oil companies will finally implement a rollback in the prices of petroleum products on Tuesday, February 13, 2024.

In separate advisories, Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said that they are set to lower prices per liter of gasoline by P0.60, diesel by P0.10, and kerosene by P0.40.

On the other hand, Cleanfuel and Petro Gazz are set to implement the same changes, excluding kerosene which they do not carry.

The said adjustments will take effect at 6 a.m., for all the firms except for Cleanfuel, which will implement the changes at 12:01 a.m. on the same day.

Other firms have yet to make similar announcements as of posting time.

The Department of Energy - Oil Industry Management Bureau made a higher projection for the rollback, but the last day of trading affected the prices.

They said that this is due to the build up of crude inventories amid the increased production in the United States, and slower oil demand growth.