OIL firms announced Monday a price rollback by as much as P6 per liter that will take effect Tuesday morning.
They said in separate announcements that gasoline products will go down by P5.7 per liter, diesel by P6.1 per liter, and kerosene by P6.3 per liter.
Seaoil, Shell, Total, Caltex, Phoenix, PTT, and Petron said they would implement their new fuel pump prices at 6 a.m. of July 12. Cleanfuel, meanwhile, will adjust its prices at 8:01 a.m.
Last week, oil firms also reduced diesel prices by P3 per liter and P3.4 per liter for kerosene. No movement has been effected on the price of gasoline.
These resulted to the year-to-date adjustments to stand at a net increase of P42.90/liter for diesel and P36.35/liter for kerosene, while that of gasoline remained at P30.00/liter.
Oil firms adjust their prices every week to reflect movements in the world oil market. The DOE said crude prices kept falling as recession fears plagued the market sentiment, outweighing concerns over supply tightness.
Image credits: Roy Domingo