MANILA, PHILIPPINES — Oil companies are implementing minimal price cuts on gasoline and kerosene prices today.
In separate advisories, oil firms said gasoline prices would be decreased by P0.25 per liter and kerosene prices by P0.10 per liter, while diesel prices will remain unchanged.
Chevron Philippines Inc., the marketer of Caltex in the Philippines, said its price adjustments would take effect at 12:01 a.m.
Petron Corp., Petro Gazz, Phoenix Petroleum Philippines Inc., Pilipinas Shell Petroleum Corp., PTT Philippines and Seaoil Philippines would adjust their prices effective 6 a.m.
Unioil Philippines Inc.’s price adjustments would start at 6:01 a.m. while Cleanfuel said it would raise gasoline and diesel prices by 8:01 a.m.
In the past trading week, global oil prices inched lower on the back of an increase in supply from major oil producers in May to July.
Meanwhile, concerns over how the renewed lockdowns in some parts of the world and issues with how vaccination programs would impact oil demand also weighed on oil prices.
Prior these price movements, year-to-date adjustments stand at a net increase of P6.80 per liter for gasoline, P4.65 per liter for diesel and P3.55 per liter for kerosene.