P3 price rollback for diesel, P2.10 for gas

MANILA, Philippines — Local oil firms are slashing pump prices by more than P2 per liter today, ending a series of price increases in the past couple of weeks.

In separate advisories yesterday, oil companies said they would reduce gasoline prices by P2.10 per liter, diesel by P3 per liter and kerosene by P2.30 per liter.

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

Reflecting the movement in the international oil market, the lower prices for this week comes following the implementation of another round of interest rate hike in the US, as well as ongoing developments in China’s economic recovery.

This week’s price adjustments end three consecutive weeks of upward movement for gasoline and diesel, and two straight weeks for kerosene.

Last week, oil companies raised gasoline prices by P1.30 per liter, diesel by P1 per liter and kerosene by P1.35 per liter.

These resulted in a total year-to-date net increase of P7.20 per liter for gasoline, P3.05 per liter for diesel and P4.45 per liter for kerosene, based on data from the Department of Energy.