Minimal cut on pump prices set Oct. 22

A person gasses up at a gas station. (File Photo: engin akyurt/Unsplash)

By Kris Crismundo, Philippine News Agency

MANILA – After three straight weeks of price hikes, oil firms will cut pump prices effective Tuesday.

In separate advisories on Monday, Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will roll back gasoline prices by 50 centavos per liter, diesel by 70 centavos per liter, and kerosene by 85 centavos per liter.

Other oil firms are expected to follow suit.

For the three consecutive weeks of oil price hikes, gasoline prices have increased by PHP3.10 per liter, diesel by PHP4.80 per liter, and kerosene by PHP3.60 per liter.

“Year-to-date, total adjustment of gasoline and diesel stands at a net increase of PHP9.05 per liter and PHP6.75 per liter, respectively. On the other hand, kerosene has a total net decrease of PHP2.75 per liter,” the Department of Energy (DOE) said.

DOE data showed that current gasoline prices ranged from PHP50.60 to PHP87.52 per liter, from PHP47.75 to PHP72.65 per liter for diesel, and from PHP69.89 to PHP80.74 per liter for kerosene.

Oil prices in the global market closed trading weaker last week on China’s demand woes following the easing of its economy.