MANILA, Philippines — In separate advisories, oil companies implemented a rollback on pump prices of P0.75 per liter for gasoline, P0.90 for diesel and P1.05 for kerosene.
Today’s adjustment takes effect at 6 a.m. with Jetti, Seaoil, Caltex, PetroGazz and Shell. Meanwhile, CleanFuel’s adjustment takes effect at 12:01 a.m.
The adjustment corresponds with a Friday forecast by the Department of Energy (DOE)-Oil Industry Management Bureau assistant director Rodela Romero.
Citing geopolitical movements as drivers for the oil price, Romero said the lowering of oil prices is due to the expectation of an Israel-Gaza ceasefire.
“Uncertainties about (the United States) interest rate reduction and rising oil stocks or inventory of the US” were other factors affecting oil prices, according to Romero.
Meanwhile, oil companies also recently announced a rollback in its liquefied petroleum gas (LPG) products.
Petron LPG decreased by P1.15 per kilogram (VAT-inclusive), while CleanFuel and REGASCO products also went down by P0.75 and P1 per kilogram, respectively.