Gasoline, diesel, kerosene prices down Tuesdsay

Oil firms are set to roll back pump prices of petroleum products on Tuesday, following three consecutive weeks of upward adjustments for gasoline.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V,  Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. said they will reduce prices per liter of gasoline by P0.60, diesel by P0.30, and kerosene by P0.60.

Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., and PTT Philippines Corp. will implement the same changes, excluding kerosene which they do not carry.

The adjustments will take effect at 6 a.m. on Tuesday for all the firms, except for Caltex and Cleanfuel who will enact their adjustments at 12:01 a.m. the same day.

Other firms have yet to make similar announcements for the week.

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. — RSJ, GMA Integrated News