Gasoline, diesel, kerosene pump prices down by over P1/liter Tuesday

Motorists will be greeted with cheaper prices of fuel products this week, as firms on Monday announced a rollback following the big-time pump price hike implemented last Tuesday.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will lower prices per liter of gasoline by P1.15, diesel by P1.90, and kerosene by P1.80.

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 27, 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 as of posting time.

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) projected a major rollback for this week, citing the ceasefire talks in Gaza and the production recovery support from Libya’s Sharara Oilfield.

Firms last week hiked prices per liter of gasoline by P1.00, diesel by P1.20, and kerosene by P1.00.

This brought year-to-date adjustments to a net increase of P8.05 per liter for gasoline and P5.95 per liter for diesel, and a net decrease of P2.15 per liter for kerosene as of August 20, 2024. —KBK/AOL, GMA Integrated News