LOCAL pump prices will go down again this week.
Gasoline prices will be slashed by P5 per liter, diesel will be reduced by P2 per liter, and kerosene will go down by P0.70 per liter.
This is the third consecutive oil price rollback for diesel and kerosene, and the second straight week for gasoline prices.
Last week, gasoline products went down by P5.7 per liter, diesel by P6.1 per liter and kerosene by P6.3 per liter.
These resulted to the year-to-date adjustments to stand at a net increase of P24.30/liter for gasoline, P36.80/liter for diesel and P30.05/liter for kerosene.
The price rollback takes effect at 6 a.m. on Tuesday, July 19, for Seaoil, Shell, Caltex, Total, PTT, and Phoenix.
Cleanfuel’s price adjustment starts at 8:01 a.m.
Oil firms adjust their prices every week to reflect movements in the world oil market.
The DOE said Dubai crude prices kept falling as well as MOPS gasoline and diesel amid a wide market sell off on recession fears. Adding downward pressure to the prices was crude stock building in the US.
Image credits: Roy Domingo