Local pump prices are set to decrease by less than P1 today.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, and Shell announced a 75-centavo per liter rollback on gasoline prices and an 85-centavo price cut per liter on diesel products.
Caltex, Seaoil, and Shell will also reduce kerosene prices by 80 centavos per liter.
Last week, oil firms implemented mixed price adjustments.
Data from the Department of Energy (DOE) showed that year-to-date prices of diesel, gasoline, and kerosene stood at a net increase of P10.35, P7.75, and P0.50 per liter.
Global oil prices fell last week due to worries about demand from China, the world’s largest crude importer, and as concerns about an escalation of the conflict between Iran and Israel eased.
DOE Oil Industry Management Bureau Director Rodela Romero told the Philippine News Agency that despite the price freeze in place in areas under a state of calamity due to the onslaught of super typhoon Carina and the southwest monsoon, oil companies would implement a rollback on kerosene.
Under the Price Act, the price freeze covers household kerosene and liquefied petroleum gas for a period of 15 days.*PNA
