Oil firms will reduce diesel and kerosene prices starting Tuesday.
They announced Monday that diesel price will go down by P0.30 per liter and kerosene by P0.40 per liter. Gasoline prices remain unchanged.
Seaoil, PTT, Petron and Shell said they would implement the price rollback at 6 a.m. of Tuesday, August 17. Cleanfuel’s price reduction will take effect at 8:01 a.m.
Other oil firms are expected to follow suit.
Last week, oil firms reduced pump prices by P0.65 per liter for gasoline, diesel by P0.70 per liter and kerosene by P0.75 per liter. These resulted to the year-to-date adjustments to stand at a total net increase of P13.25/liter for gasoline, P10.40/liter for diesel and P8.70/liter for kerosene.
Oil firms adjust pump prices every week to reflect movements in the world oil market. The DOE noted that Dubai crude has decreased week-on-week by around $1.80/bbl. MOPS gasoline and MOPS diesel have also decreased by almost $1.90 per barrel and
$ 1.60 per barrel, respectively.
Oil prices fell on worries that travel restrictions to curb the spread of the Delta variant of Covid-19 will derail the global recovery in energy demand. Also, the Philippine peso appreciated week-on-week against the US dollar.