Gasoline and kerosene prices down by over P2/liter Tuesday

Fuel retailers are set to implement a major pump price rollback this week, marking the third straight week of downward adjustments for gasoline, and the fifth for both diesel and kerosene.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will reduce prices per liter of gasoline by P2.45, diesel by P1.90, and kerosene by P2.40.

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 13, 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 recession concerns, geopolitical tensions, and lackluster consumption in China.

Firms last week cut prices per liter of gasoline by P0.10, diesel by P0.20, and kerosene by P0.45.

This brought year-to-date adjustments to a net increase of P9.50 per liter for gasoline, and P6.65 per liter for diesel, and a net decrease of P0.75 per liter as of August 6, 2024. — RSJ, GMA Integrated News