MANILA, Philippines — Oil companies will roll back pump prices this week as petroleum prices in the international market dropped in the past trading week. Prior to the upcoming price adjustments, local oil firms increased gasoline prices by 25 centavos per liter, but rolled back diesel and kerosene prices by 10 and 40 centavos, respectively. During a Cabinet meeting last week, Energy Secretary Alfonso Cusi proposed a review of the Downstream Oil Industry Deregulation Act of 1998 to ensure transparency in oil prices. The DOE will reportedly issue SCOs to 23 gas stations in Baguio City, which increased oil prices by as much as P9. In line with the agency’s mandate to protect consumers and ensure fair oil industry practice, the SCOs were issued amid the difference in oil price rollback calculations between the DOE and oil firms.

Source: Philippine Star October 19, 2019 17:35 UTC