Oil firms to cut pump prices for 3rd consecutive week

(File photo)

MANILA – Motorists will get another sigh of relief as oil firms will implement a big-time cut in pump prices this week.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, and Seaoil said they will cut gasoline prices by PHP0.85 per liter and diesel by PHP1.20 per liter.

According to Seaoil, the minimal price rollback on its gasoline product is due to an increase in import premiums related to freight and refining.

Meanwhile, Caltex and Seaoil will also reduce the prices of kerosene by PHP1.30 per liter.

Other industry players are expected to follow suit.

The oil price rollback will be effective starting at 12:01 a.m. Tuesday.

Gasoline prices have been declining for three weeks in a row while diesel and kerosene prices were down for four consecutive weeks.

The Department of Energy said last week’s price rollbacks resulted in year-to-date adjustments to stand at a total net increase of PHP20.05 per liter for gasoline, PHP15.09 per liter for kerosene diesel remains at PHP17.50 per liter. (PNA)



Source: Business Diary Philippines

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