OIL firms are set to roll back pump prices of petroleum products today following three consecutive weeks of upward adjustments for gasoline.
In an advisory, Petron Corp. and Pilipinas Shell Petroleum Corp. said it will reduce prices per liter of gasoline by P0.60, diesel by P0.30, and kerosene by P0.60.
Cleanfuel will implement the same changes, excluding kerosene which it does not carry.
The adjustments will take effect at 6 a.m. for Petron and Shell and at 12:01 a.m. the same day for Cleanfuel.
The Department of Energy (DOE) said downward adjustments are expected this week, given China’s weak economic data.
Latest data from the agency indicate a year-to-date net increase of P5.00 per liter for gasoline, net decreases of P5.05 per liter for diesel, and P6.40 per liter for kerosene as of May 23, 2023.
Firms last week hiked gasoline prices by P1.10 per liter, while rolling back kerosene prices by P0.35 per liter. There were no changes for diesel in the past week. (GMA Integrated News)
