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

Fuel retailers are set to implement a major pump price rollback this week, but this will not be enough to offset increases made so far this year.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Seaoil Philippines Corp. and Shell Pilipinas Corp.,  said they will reduce prices per liter of gasoline by P1.55, diesel by P1.30, and kerosene by P1.40.

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

The adjustments will take effect at 6 a.m. on Tuesday, September 10, 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 announcements are in line with projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), citing the sluggish demand from China and the United States, and the reported boost in output.

Firms last week hiked prices per liter of gasoline by P0.50, diesel by P0.30, and kerosene by P0.70.

This brought year-to-date adjustments to a net increase of P7.40 per liter for gasoline and P4.35 per liter for diesel, and a net decrease of P3.30 per liter for kerosene as of September 3, 2024. — RSJ, GMA Integrated News