(Eagle News) — Big oil companies are set to implement a big time rollback on its oil products on Tuesday, May 8.
According to the Department of Energy (DOE), the big-time rollback in the pump prices of gasoline, diesel and kerosene was due to oversupply.
Energy Spokesman and Undersecretary Felix Fuentebella said that the expected rollback would range from 70 to 90 centavos.
This is the third consecutive week of oil price rollback conducted by oil companies of their petroleum products.
Expect a P1 to P1.10 rollback per liter in pump prices of diesel on Tuesday, while a rollback of 90 centavos to P1 rollback in gasoline may be announced today.