MOTORISTS will be greeted with lower prices of fuel products this week, as firms yesterday announced another round of rollbacks to mark the second straight week of cuts for gasoline, and fourth for diesel and kerosene.
In separate advisories, Petron Corp., Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will cut prices per liter of gasoline by P0.10, diesel by P0.20 and kerosene by P0.45.
Cleanfuel and Petro Gazz will implement the same changes, excluding kerosene which they do not carry.
The adjustments will take effect at 6 a.m. today for all the firms except for Cleanfuel which will roll back prices at 12:01 a.m. the same day.
Other firms have yet to make similar announcements for the week as of this writing.
The latest adjustments are in line with projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), citing weakening demand from China and the plans of the Organization of the Petroleum Exporting Countries and its partners to boost world market supplies.
Last week, firms lowered prices per liter of gasoline by P0.75, diesel by P0.85, and kerosene by P0.80.
This brought year-to-date adjustments to a net increase of P9.60 per liter for gasoline and P6.85 per liter for diesel, and a net decrease of P0.30 per liter as of July 30, 2024, based on the latest data available from the DOE. (GMA Integrated News)
