MANILA -Local oil companies on Monday said they would slash the pump prices of petroleum products by up to 85 centavos per liter effective Tuesday, July 4.
In separate advisories, the firms announced that the prices of gasoline and diesel would both decline by 70 centavos per liter. The price of kerosene, meanwhile, was cut by 85 centavos per liter.
CleanFuel will implement the price adjustments at 12:01 a.m. on Tuesday, to be followed by Shell, Sealoil and PetroGazz at 6 a.m.
According to the Department of Energy (DOE), last week’s oil prices slipped as companies anticipated sudden rate files from global banks.
This comes after the Bank of England “surprised the market with 50 basis points hikes, marking its 13th consecutive hike,” the DOE said.
Last week, oil firms raised the prices of petroleum products by P0.20 to P1.25 per liter.
Fuel prices up by P0.20 to P1.20 per liter starting June 27
The DOE said this resulted in a year-to-date net decrease of P3 per liter for diesel and P5.15 per liter for kerosene. Gasoline had a net increase of P6.55 per liter.