Over P2 oil price cut set for June 11
Oil companies are set to implement a hefty rollback in local prices of petroleum products this week.
In separate advisories, oil firms announced that the price of gasoline will drop by P2.45 per liter, diesel by P2.70, and kerosene by P2.60 a liter.
The fuel price adjustment will take effect on Tuesday, June 11.
The price rollback comes after global oil prices slipped to their January lows due to surging supply in the market and the possibility of slowing demand.
This is the third straight week that oil prices will go down as oil-producing countries continue to cut back on supply.
Oil price rollback set for Tuesday, July 23
Local prices of gasoline, diesel and kerosene will be slashed this week.
In separate advisories, oil firms SEAOIL and Pilipinas Shell Petroleum said they will rollback the prices of gasoline by P0.25 a liter, and kerosene by P0.40.
Petro Gazz will also implement the same price adjustment sans kerosene.
Oil companies are set to impose the price rollback on Tuesday (July 23) at 6 a.m. Other oil companies have yet to announce price adjustments for this week.
The looming price cut comes after four consecutive weeks of pump price hikes.
Oil prices to drop this week
Local oil prices will significantly decrease this week.
In an advisory, oil firms said the prices of gasoline will be reduced by P1.75 per liter, diesel by P1.05 and P1.00 for gasoline.
The price rollback will take effect on June 4, Tuesday, but Phoenix Petroleum adjusted their prices around noon on Saturday.
The oil price slash was implemented to reflect the prices in the international world market.
This is the second straight week that oil companies will reduce fuel prices.
Last week, the price of gasoline was slashed by P0.35 per liter, diesel by P0.45 and kerosene by P0.60 a liter.
Oil prices to go down this week
(UPDATE) Several local oil companies have announced a new round of price reductions on pump products this week to reflect world market prices.
In an advisory, oil industry players said the price of gasoline will be slashed by P0.90 per liter, while diesel and kerosene prices will go down by P0.80 a liter.
The oil price rollback will take effect on Tuesday, May 7.
Petro Gazz has implemented the same amount of fuel price cut on Monday, May 6, while Seaoil and Phoenix Petroleum slashed their prices over the weekend.
This is the first time that gasoline prices have decreased after four straight weeks.