MOTORISTS will get a slight reprieve starting today, as oil firms announced another round of rollbacks to mark the second straight week of cuts in pump prices in petroleum products.
In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. said they will reduce prices per liter of diesel by P2.20 and kerosene by P2.50, while keeping gasoline prices unchanged.
Cleanfuel, and Petro Gazz, which do not carry gasoline, will implement the same adjustments.
The adjustments will take effect at 6 a.m. today for all the firms except for Caltex and Cleanfuel which will adjust prices earlier at 12:01 a.m. the same day.
The latest changes come after firms last week cut down prices per liter of gasoline by P2.10, diesel by P3.00, and kerosene by P2.30.
Oil companies usually announce price adjustments every Monday, to be implemented on the following day.
Meanwhile, among the global developments that softened oil prices this week include the rising inventories in the United States and Europe, as well as the outlook on United States inflation report that could trigger another policy tightening by the Federal Reserve System.
Latest data available from the Department of Energy (DOE) show that year-to-date net increases stood at P5.10 per liter for gasoline, P0.05 per liter for diesel, and P2.25 per liter for kerosene as of February 7, 2023. (GMA Integrated News)
