Oil firms will slash prices of gasoline but will increase those of diesel starting this morning.
In separate advisories, Cleanfuel, Petro Gazz, and Seaoil said they will roll back gasoline prices by P0.20 per liter.
Except for Cleanfuel, they will increase diesel prices by P0.20 per liter.
There will be no movement in the prices of kerosene this week.
Other oil companies are expected to implement similar price adjustments.
Last week, oil firms hiked fuel prices for the fourth straight week.
The adjustments made year-to-date on the price for gasoline increased by P8.55 per liter, P6.75-per-liter increment for diesel, and P6-per-liter hike on kerosene products.
T-BILL RATES DOWN
The rates of the Philippines-issued Treasury bills (T-bills) declined yesterday, partly due to reduction in the Bangko Sentral ng Pilipinas’ average inflation projection for this year, National Treasurer Rosalia de Leon said.
The average rate of the 91-day paper went down to 1.270 percent, the 182-day to 1.540 percent, and the 364-day to 1.810 percent.
These were at 1.278 percent, 1.549 percent, and 1.829 percent for the three and six months and one-year paper during the auction on May 10.
The Bureau of the Treasury offered the three-month T-bill for P5 billion, the six-month for P8 billion, and the one-year for P12 billion.
All were oversubscribed and fully awarded.
Bids for the 91-day paper reached P16.965 billion, while it amounted to P25.109 billion for the six-month paper, and P41.63 billion for the one-year paper.
“Strong participation as rates marginally declined. Investors continue to stay on the safe side and BSP trimming average inflation for the year to 3.9 percent, within target band,” de Leon told journalists in a Viber message.
The BTr re-offered the one-year paper over the tap facility window for P5 billion after the auction, she added.
Last week, the BSP’s policy-making Monetary Board slashed the central bank’s average inflation forecast for this year from 4.2 percent to 3.9 percent because of deceleration of inflation rate last March and April, the impact of lower pork import tariff, the effect of the -4.2 percent first-quarter gross domestic product on economic activities in the first half of this year, and the appreciation of the peso against the US dollar.*PNA