Oil firms roll back fuel prices by up to P1.40 per liter

MANILA  -Local oil firms rolled back pump prices of gasoline, diesel and kerosene by as much as P1.40 per liter effective Tuesday, April 25, ending a three-week streak of increases.

In separate advisories, the companies said they would cut the prices of gasoline by P1.40 per liter, diesel by 70 centavos per liter, and kerosene by 20 centavos per liter.

Seaoil and PetroGazz will implement the price adjustments at 6 a.m. Tuesday.

Caltex and CleanFuel will adjust their prices at 12:01 a.m. on the same day.

Last week, fuel prices movement was mixed with gasoline increasing by 30 centavos per liter and kerosene by 10 centavos, while the price of diesel declined by 40 centavos per liter.

The Department of Energy (DOE) explained that oil prices again climbed the previous week due to inflation in the United States.

Global gasoline demand also rose to 9.10 million barrels per day, a 5.5-percent increase from the same period in 2022, according to the DOE.

The price adjustments resulted in a year-to-date net decrease for diesel at P2.35 per liter and kerosene at P3.35 per liter. Gasoline, on the other hand, had a net increase of P8.95 per liter.

Filipinos were greeted with steep price increases in the beginning of April due mainly to supply cuts by OPEC+ oil producers by 1.6 million b/d.

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Oil companies cut diesel prices, hike gasoline