After two consecutive weeks of price hikes, oil firms will finally start implementing rollbacks on Oct. 25, Tuesday.
Tomorrow, Oct. 25, local oil firms will implement minor price cuts ranging from P0.35 per liter to P1.10 per liter.
Shell, Seaoil, and Petro Gazz will start the implementation by 6 a.m. Gasoline prices will be rolled back by P0.35 per liter and Diesel by P1.10 per liter. Kerosene will also decrease by P0.45 per liter for Shell and Seaoil.
This would be the first rollback in prices after two consecutive weeks of price hikes, Inquirer reported.
The average Mean of Platts Singapore (MOPS) is used to set local fuel prices.
MOPS stands for the daily average price of refined petroleum products traded in Singapore. In Southeast Asia, it is used to price petroleum products.
Tags: #OilFirms, #PriceRollback, #MOPS