Gasoline prices down for second straight week, diesel and kerosene for fourth

Motorists will be greeted with lower prices of fuel products this week, as firms on Monday announced another round of rollbacks to mark the second straight week of cuts for gasoline, and fourth for diesel and kerosene.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will cut prices per liter of gasoline by P0.10, diesel by P0.20, and kerosene by P0.45.

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

The adjustments will take effect at 6 a.m. on Tuesday, August 6, for all the firms except for Cleanfuel which will roll back prices at 12:01 a.m. the same day.

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

The latest adjustments are in line with projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), citing weakening demand from China and the plans of the Organization of the Petroleum Exporting Countries and its partners to boost world market supplies.

Firms last week lowered prices per liter of gasoline by P0.75, diesel by P0.85, and kerosene by P0.80.

This brought year-to-date adjustments to a net increase of P9.60 per liter for gasoline and P6.85 per liter for diesel, and a net decrease of P0.30 per liter as of July 30, 2024, based on the latest data available from the DOE.—AOL/RSJ, GMA Integrated News