Fuel prices cut by 20 to 50 centavos per liter

INQUIRER FILE PHOTO

MANILA -Filipinos will finally get a reprieve from two and a half months of increases in the pump prices of petroleum products after local oil firms announced rollbacks, albeit only by up to 50 centavos per liter, effective on Tuesday, Sept. 26.

In separate advisories, the oil companies said they would be rolling back the prices of gasoline and diesel by 20 centavos per liter.

The price of kerosene will likewise decline by 50 centavos per liter.

Petro Gazz, Shell and Seaoil will implement the price adjustments by 6 a.m., followed by CleanFuel at 4:01 p.m.

This week’s rollbacks end the 11-week streak of price increases triggered by global production cuts implemented by the Organization of the Petroleum Exporting Countries (Opec).

The Department of Energy (DOE) previously said Opec would extend production cuts of nearly 6 million barrels per day until December.

READ: Oil prices climb with tight supply back in focus

Rino Abad, director of the DOE Oil Industry Management Bureau, had said that this could result in continuous price increases until year-end, although at “lower intensity.”

Last week, oil firms hiked prices of gasoline and kerosene by P2 per liter, and diesel by P2.50 per liter.

This resulted in a year-to-date net increase of P17.50 per liter for gasoline, P13.60 per liter for diesel and P9.94 per liter for kerosene.