Oil firms will slash fuel pump prices this week by more than P2 per liter.
They said on Monday that a new round of oil price rollback takes effect Tuesday morning. Gasoline prices will be reduced by P2.40 per liter, diesel by P2.65 per liter and kerosene by P2.70 per liter.
Seaoil, PTT Philippines, Pilipinas Shell and Caltex said they would implement the price rollback at 6 a.m. of Tuesday, December 7. Cleanfuel will adjust its prices at 8:01 am.
Other oil firms have yet to make an announcement as of 4 p.m. The downward price adjustment comes after international oil prices decreased week-on-week by almost $2.30 per barrel. MOPS gasoline and MOPS diesel have also decreased by nearly $5.30 per barrel and $2.90 per barrel, respectively, according to the latest oil monitoring data of the Department of Energy (DOE).
Last week, oil companies implemented a price cut of P1.10 per liter for gasoline, P0.60 per liter for diesel and P0.50 per liter for kerosene. These resulted to the year-to-date adjustments to stand at a total net increase of P18.10/liter for gasoline, P15.70/liter for diesel and P13.19/liter for kerosene.
Image credits: Alysa Salen