MANILA, Philippines, May 7 ------ Oil companies reduced the prices of petroleum products for the second straight week. Per liter, companies slashed the prices of gasoline by 75 centavos; diesel, by 90 centavos; and kerosene, by P1.05.
Cleanfuel was the first one to implement the pump price rollback at 12:01 a.m. Tuesday. Jetti Petroleum, Petro Gazz, PTT Philippines, Seaoil, Shell Pilipinas and Unioil followed at 6 a.m. Caltex Philippines’ price adjustment came last at 6:01 a.m. Other industry players were expected to implement a similar fuel price adjustment. Department of Energy’s Oil Industry Management Bureau director Rodela Romero said last week that pump prices were tipped to go down due to certain global events, such as expectations of an Israel-Gaza ceasefire, uncertainties about the Federal Reserve slashing its interest rates and the United States’ rising oil inventory.
This is the second straight week that the price of gasoline went down, compared to the third consecutive price decline for both diesel and kerosene. The price decrease also brings the year-to-date adjustment per liter of gasoline to P9.25 and diesel to P4.16 a liter. For kerosene, the net decrease stood at 80 centavos per liter.
Source: inquirer.net