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Oil firms slash fuel pump prices

Gas nozzles dangle at a gasoline station in Ermita, Manila, in this BusinessMirror file photo.

Oil companies announced a price rollback starting Tuesday after implementing a hefty price increase last week.

They said in separate announcements that they will reduce the price of gasoline by P2.6 per liter, diesel by P1.55 per liter and kerosene by P1.6 per liter.

Seaoil, PTT, Phoenix, Petron, Shell, Caltex, Total will implement the price cut at 6 a.m. of September 6. Cleanfuel announced it will reduce its pump prices at 12:01 a.m.

Last week, diesel and kerosene prices went up by P6.10 per liter each while gasoline prices increased by P1.40 per liter. These resulted to the year-to-date total adjustments to stand at a net increase of P19.55/liter for gasoline, P37.80/liter for diesel and P33.20/liter for kerosene.

The DOE said this week’s oil price rollback is mainly due to the softening of demand as a result of increasing interest rates in the US and Europe, as well as the effects of lockdown in some parts of China.

Oil firms adjust their prices every week to reflect movements in the world oil market. -30-

Image credits: Nonie Reyes



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