Oil firms cut prices by 60 centavos to P1.30 per liter

Inquirer file photo

MANILA, Philippines — Oil companies implemented on Tuesday a cut in local pump prices following weeks of mixed adjustments.

In separate advisories, oil companies lowered the price of gasoline by 60 centavos per liter. Reductions were bigger for diesel and kerosene per liter at P1.20 and P1.30, respectively.

Cleanfuel headlined the price adjustments at 12:01 a.m. on Tuesday. Shell Pilipinas, Seaoil, Jetti Petroleum, PTT Philippines, Petro Gazz and Unioil were next at 6 a.m. while Caltex followed suit at 6:01 a.m.

READ: Oil firms hike diesel price by 95¢ per liter, gasoline by 40¢

Under pressure

The price reductions were implemented after last week’s mixed adjustment, with gasoline becoming cheaper by 90 centavos per liter. The prices of diesel and kerosene, however, climbed by 60 centavos and 80 centavos, respectively.

Fuel prices have been fluctuating over the past few weeks. Department of Energy’s (DOE) Oil Industry Management Bureau director Rodela Romero earlier said that oil prices remain under pressure after the Organization of the Petroleum Exporting Countries and its allies extended their voluntary production cuts until the end of 2024.

“This decision comes in response to growing concerns over weakening demand growth, high interest rates and increased production from the United States,” Romero said.

Before this week’s announcement, the price of gasoline in Metro Manila ranged from P54 to P85.12 per liter, based on the DOE’s monitoring as of June 4 to June 10.

Diesel prices hovered between P52 and P81.25 per liter, while kerosene retailed from P71.90 to P84.40 per liter.