Pump prices go down after weekly increases

MANILA, Philippines — Two consecutive weeks of increases in the prices of fuel products come to an end today as oil companies implement a rollback.

In separate advisories yesterday, oil firms said gasoline would go down by P0.35 per liter, diesel by P1.10 per liter and kerosene by P0.45 per liter.

The price adjustments will take effect at 6 a.m. today for most companies, except for Caltex and Cleanfuel which started implementing the adjustments at 12:01 a.m.

The downward movement in the international market last week led to the decline in prices today, which puts an end to two straight weeks of price hikes.

Prices of petroleum products have gone up the past two weeks by a cumulative amount of P2 for gasoline, P9.55 for diesel and P6.40 for kerosene.

As of last week, data from the Department of Energy showed that year-to-date total adjustments stand at a net increase of P16.45 per liter for gasoline, P38.50 per liter for diesel and P29.65 per liter for kerosene.