MOTORISTS will have to pay less for petroleum products ahead of the start of the traditional Simbang Gabi, as oil firms announced a major rollback to mark the second straight week of downward adjustments for diesel.
In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will lower the prices per liter of gasoline by P1.60, diesel by P1.85, and kerosene by P1.40.
Cleanfuel will implement the same changes, excluding kerosene which it does not carry.
The adjustments will take effect at 6 a.m. today for all the firms except for Caltex and Cleanfuel which will both implement the changes at 12:01 a.m. the same day.
The latest announcements are in line with projections made by the Oil Industry Management Bureau (OIMB) of the Department of Energy (DOE), citing a possible oversupply towards the end of the year.
Firms last week hiked prices per liter of gasoline by P0.30 and kerosene by P0.20, while rolling back diesel by P0.30.
Latest data available from the DOE indicate year-to-date net increases of P12.60 per liter for gasoline, P5.70 per liter for diesel, and P1.94 per liter for kerosene as of Dec. 5, 2023. (GMA Integrated News)
