Pump prices down for second straight week Tuesday

Fuel retailers will implement another major pump price rollback on Tuesday to mark the second straight week of downward adjustments, but this is still not enough to offset the hikes implemented so far this year for both gasoline and diesel.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will roll back prices per liter of gasoline by P1.00, diesel by P1.30, and kerosene by P1.65.

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

The adjustments will take effect at 6 a.m. on Tuesday, September 17, 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 latest announcements are in line with projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), citing the weakening global demand prospects and expectations of oil oversupply.

Firms last week rolled back prices per liter of gasoline by P1.55, diesel by P1.30, and kerosene by P1.40.

This brought year-to-date adjustments to a net increase of P5.85 per liter for gasoline and P3.05 per liter for diesel, and a net decrease of P4.70 per liter for kerosene. — RSJ, GMA Integrated News