OIL firms will carry out a “big-time” fuel pump price rollback on Tuesday.
Gasoline prices will be slashed by P2.20 per liter, diesel by P2.70 per liter, and kerosene by P2.55 per liter. This week’s fuel price adjustment is the third consecutive week of oil price rollback.
Last May 2, oil companies implemented a per liter decrease of P1.50 for gasoline, P1.30 for diesel and P1.40 for kerosene. These resulted to a year-to-date net decrease for diesel at P4.35/liter and kerosene at P4.95/liter. Gasoline on the other hand, has a net increase of P6.05/liter.
This week’s price adjustment will be implemented at 6 a.m. in all stations of Petron, Shell, Caltex, Total, Unioil, Seaoil, PTT, and Phoenix. Cleanfuel, on the other hand, will implement the new pump prices at 12:01a.m.
Based on the monitoring of the Department of Energy (DOE), oil prices kept on declining, mainly weighed down by concerns of another rate hike by the US Fed and prospects of weaker global economic growth.
Movements in the world oil market affect local pump prices.