MANILA – Four oil firms implemented up-and-down price adjustment on their petroleum products yesterday.

The so-called “Big 3” – Pilipinas Shell, Petron Corp., Chevron Philippines (formerly Caltex) – added P0.20 per liter to their respective prices of kerosene and premium gasoline, including unleaded but they also reduced their prices of regular gasoline by P0.35 per liter.

Shell, Petron and Chevron enforced the price hike and rollback at 6 a.m. yesterday.

Total Philippines implemented the same up-and-down movement on its products, but did not include kerosene, also at 6 a.m.

There were no price adjustments for diesel, considered the lifeblood of the jeepney-dominated public transport sector.

Yesterday's price tweak was made to reflect the recent shift in the international market, the oil firms said.

Other oil companies have yet to make a price announcement as of press time.

Local oil firms are actually coming off three straight weeks of price hikes, beginning last July 17.

Before that, consumers enjoyed 13 consecutive weeks of fuel rollbacks due to poor global demand for petroleum.*PNA

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