Pump price rollback set Tuesday

Motorists will get a slight reprieve this week, as oil firms on Monday announced a pump price rollback after four consecutive weeks of increases.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will lower prices per liter of gasoline by P0.60, diesel by P0.95, and kerosene by P1.15.

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

The changes will take effect at 6 a.m. on Tuesday, July 16, for all the firms except for Cleanfuel which will adjust prices at 12:01 a.m. the same day.

Other firms have yet to make announcements for the week.

The latest advisories are in line with projections made by the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB), citing the weak inflation data in China, Hurricane Beryl, and the performance of the US dollar.

Firms last week hiked prices per liter of gasoline by P1.60, diesel by P0.65, and kerosene by P0.60.

This brought year-to-date adjustments to a net increase of P10.85 per liter for gasoline, P9.05 per liter for diesel, and P2.35 per liter for kerosene as of July 9, 2024.—AOL, GMA Integrated News