Large oil price rollback: Gasoline, diesel prices down

MANILA, Philippines — Pump products will be reduced by over P2 per liter today.

Oil firms would reduce gasoline prices by P2.40 per liter, diesel prices by P2.65 per liter and kerosene prices by P2.70 per liter today.

This is the sixth successive week kerosene prices have been reduced, the fifth consecutive week of price cuts for gasoline and the third week of decline for diesel prices.

Before these price changes take place, the Department of Energy said year-to-date adjustments stand at a net increase of P18.10 per liter for gasoline, P15.70 per liter for diesel and P13.19 per liter for kerosene.

Global oil prices closed the past month with the biggest drop since March 2020, as the Omicron variant spooked the market, Reuters reported.

Prices declined until tomorrow before rising by one percent, pushed by the decision of the Organization of Petroleum Exporting Countries, Russia and allies, or OPEC+, to stick to its plans to boost output slowly.