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MANILA, Philippines — Oil companies slashed the price per liter of gasoline by a hefty P2 effective on Tuesday.
Diesel and kerosene prices per liter were also slashed by 50 centavos and 85 centavos per liter, respectively.
Cleanfuel adjusted its prices on Tuesday at 12:01 a.m. while Chevron Philippines (Caltex), Jetti Petroleum, Petro Gazz, PTT Philippines, Shell Pilipinas, Seaoil and Unioil followed suit at 6 a.m.
This week’s rollback announcement was larger than the reduction applied on May 7, when the prices per liter of gasoline went down by 75 centavos, diesel by 90 centavos, and kerosene by P1.05.
The price cuts brought the year-to-date adjustment of gasoline per liter to P7.25 and diesel to P3.66. For kerosene, the net decrease reached P1.65 centavos per liter.
Department of Energy’s Oil Industry Management Bureau director, Rodela Romero, said last week that various events contributed to the decline of oil prices in Asian trade. —Jordeene B. Lagare