PHILIPPINE oil companies announced a huge rollback in prices of petroleum products starting on Tuesday, Oct. 10, 2023.

Shell Philippines and Seaoil Philippines Inc. said they will slash gasoline prices by P3.05 per liter, diesel by P2.45 per liter and kerosene by P3 per liter.

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) said in a Viber message that the big rollback was due to high interest rates and a strong dollar.

Based on the DOE’s Oil Monitor Report oil companies rolled back prices of petroleum products on October 3 — P2 per liter for gasoline, P0.50 per liter for kerosene but increased diesel by P0.40 per liter.