Major pump price rollback set Tuesday

Motorists will be greeted with lower pump prices this week, as firms are set to roll back prices of petroleum products, with those of diesel and kerosene by over P1 per liter.

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 P1.20, and kerosene by P1.30.

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

The changes will take effect at 6 a.m. on Tuesday, June 11, 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 similar announcements for the week.

The adjustments are in line with projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), citing growing concerns over weakening demand growth, high interest rates, and increased production in the United States.

Firms last week rolled back prices per liter of gasoline by P0.90, while hiking those of diesel by P0.60, and kerosene by P0.80.

This brought year-to-date adjustments to a net increase of P6.65 per liter for gasoline and P5.45 per liter for diesel, and a net decrease of P0.25 per liter for kerosene as of June 4, 2024.  —KBK/AOL, GMA Integrated News