Motorists will get a slight reprieve this week as fuel retailers are rolling back pump prices of petroleum products starting today, but this will not be enough to offset hikes implemented throughout the year so far.
In separate advisories, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will lower prices per liter of gasoline by P0.70, diesel by P0.95, and kerosene by P1.10.
Cleanfuel will implement the same changes, excluding kerosene which it does not carry.
The adjustments will take effect at 6 a.m. for all the firms except for Cleanfuel which will cut prices at 12:01 a.m. the same day.
Other firms have yet to make similar announcements for the week as of posting time.
The latest advisories are in line with price cuts projected by the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB), citing global demand worries and expectations that US interest rates will remain at current levels for longer.
Firms last week hiked prices per liter of gasoline by P1.60, diesel by P1.10, and kerosene by P1.05.
This brought year-to-date adjustments to a net increase of P6.15 per liter for gasoline, P5.40 per liter for diesel, and P1.50 per liter for kerosene as of February 20. (GMA Integrated News)
