By Komfie Manalo
Motorists will pay nearly P1 less when they gas up tomorrow (Tuesday) as oil companies issued independent advisories of oil price cuts.
Major petroleum players Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, and Shell announced a 75-centavo per liter rollback on gasoline prices and an 85-centavo price cut per liter on diesel products.
Caltex, Seaoil, and Shell said they would reduce kerosene prices by 80 centavos per liter.
Last week, oil firms implemented mixed price adjustments.
Data from the Department of Energy (DOE) showed that year-to-date diesel, gasoline, and kerosene prices increased net by P10.35, P7.75, and P0.50 per liter.
Global oil prices fell last week due to worries about demand from China, the world’s largest crude importer, and as concerns about an escalation of the conflict between Iran and Israel eased.
DOE Oil Industry Management Bureau Director Rodela Romero told the Philippine News Agency that despite the price freeze in place in areas under a state of calamity due to the onslaught of super typhoon Carina and the southwest monsoon, oil companies would implement a rollback on kerosene.
Under the Price Act, the price freeze applies to household kerosene and liquefied petroleum gas for 15 days.
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