Pump prices down by less than P1/liter

MANILA, Philippines — Oil companies are implementing a less than P1 per liter rollback in pump prices starting today.

In separate advisories yesterday, oil firms said that prices of both gasoline and diesel will drop by P0.70 per liter, while that of kerosene will go down by P0.85 per liter.

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

This week’s domestic pump price decrease reflects the movement in the international oil market.

Department of Energy (DOE) Oil Industry Management Bureau director Rino Abad earlier attributed the decline in global oil prices to the signals of fresh US rate hikes, which comes following a recent surprise rate hike by the Bank of England.

After raising prices of gasoline by P0.20 per liter, diesel by P1.05 per liter and kerosene by P1.20 per liter last week, diesel and kerosene have posted a net decrease of P3 per liter and P5.15 per liter, respectively, since the start of the year, based on data from the DOE.

Gasoline, on the other hand, has a year-to-date net increase of P6.55 per liter prior to this week’s round of adjustment.