Gas prices cut by P3; diesel lower by P2.45

MANILA, Philippines — Oil companies are implementing hefty price rollbacks at the pumps today.

In separate advisories yesterday, oil firms said prices would be slashed by P3.05 per liter for gasoline, P2.45 per liter for diesel and P3 per liter for kerosene.

These extend the reductions in gasoline and kerosene prices to a third consecutive week.

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

Oil firms last week implemented mixed movement in pump prices, with gasoline and kerosene decreasing by P2 and P0.50 per liter, respectively, while diesel prices increased by P0.40 per liter reduction.

These price adjustments resulted in a year-to-date net increase of P15.30 per liter for gasoline, P13.80 per liter for diesel and P8.94 per liter for kerosene, data from the Department of Energy (DOE) showed.

Prevailing retail prices of petroleum products in Metro Manila, based on DOE monitoring from Oct. 3 to 5, showed diesel ranged from P62.50 to P74.15 per liter, while diesel plus ranged from P68.70 to P87.32 per liter.

Gasoline prices, meanwhile, ranged from P60.15 to P87.95 per liter, depending on the RON or research octane number of the fuel.

As for kerosene, prices monitored during the period ranged from P79.75 to P92.09 per liter.