Fuel pump prices are going down this week.
Oil firms announced Monday a hefty price rollback in petroleum products starting Tuesday morning.
Gasoline prices will be slashed by P1.20 per liter, diesel by P1.85 per liter and kerosene by P2 per liter. This was announced by Seaoil, Shell, PTT, Phoenix, Petron, Caltex, and Total.
The price adjustment takes effect at 6.a.m of March 21. Cleanfuel, meanwhile, will implement the price rollback at 12:01 a.m. of Tuesday.
Last week, oil firms reduced diesel price by P0.10 per liter and P0.60 per liter for kerosene.
On the opposite, the price of gasoline has increased by P1.00 per liter. The DOE said these resulted to a year-to-date net decrease for diesel at P1.00/liter and kerosene at P1.65/liter. Gasoline on the other hand, has a net increase of P6.70/liter.
Oil firms adjust prices every week to reflect movements in the world oil market. The DOE said last week the price of MOPS diesel and kerosene have decreased by $0.70 per barrel, while MOPS gasoline has soared by about $2.10 per barrel.
The local oil industry uses MOPS, which is the daily average of all trading transactions between buyer and seller of petroleum products, as assessed and summarized by Standard and Poor’s Platts, a Singapore-based market wire service.
