Pump prices down anew

MANILA, Philippines — The series of reductions in pump prices continues this week, as oil companies implement a rollback today.

In separate advisories yesterday, oil firms said they would slash gasoline prices by P0.85 per liter, diesel by P1.30 per liter and kerosene by P1.90 per liter.

This is the second consecutive week of price cuts for gasoline and the third straight for diesel and kerosene.

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

This week’s downward price adjustments reflect the movement in the international oil market.

Last week, oil companies slashed pump prices by more than P1 per liter.

Gasoline prices were reduced by P1.20 per liter, diesel by P1.85 per liter and kerosene by P2 per liter.

These resulted in a year-to-date net decrease of P2.85 per liter for and P3.65 per liter for kerosene, based on data from the Department of Energy.

Gasoline, on the other hand, has a net increase of P5.50 per liter year-to-date as of last week’s price adjustments.