MANILA -Motorists will once again enjoy a rollback in pump prices of gasoline, diesel and kerosene tomorrow, May 9, this time by as much as P2.70 per liter, marking the third consecutive week of hefty price cuts amid softening global prices.
In separate advisories, local oil companies said they would cut the prices of gasoline by P2.20 per liter, diesel by P2.70 per liter and kerosene by P2.55 per liter.
Seaoil, Petro Gazz and Pilipinas Shell will implement the price adjustments at 6 a.m. on Tuesday.
Last week, prices declined by P1.50 (gasoline), P1.30 (diesel) and P1.40 (kerosene) per liter.
According to the Department of Energy (DOE), oil prices fell globally despite concerns about the U.S. Federal Reserve’s monetary policy stance after last week’s rate hike and projections of weaker demand growth.
The price adjustments implemented on May 2 resulted in a year-to-date net decrease of P4.35 per liter for diesel and P4.95 per liter for kerosene.
Gasoline, meanwhile, had a net increase of P6.05 per liter.
READ MORE:
Oil heads for third straight weekly loss as economic worries persist