Gasoline prices cut by P2/liter; LPG hiked by P41.25 per 11-kg tank

MANILA  -Pump prices of gasoline and kerosene will again decline for the second consecutive week on Tuesday, Oct. 3, by up to P2 per liter, while the price of diesel will go up by 40 centavos per liter.

In separate advisories, local oil firms said they will cut the price of gasoline by P2 per liter and kerosene by 50 centavos per liter.

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

This week’s mixed movements in pump prices of petroleum products comes after the Department of Energy (DOE) told consumers to “manage their expectations,” as major oil producers extended daily production cuts.

The rollbacks were due mainly to elevated interest rates, stronger US dollar and the relaxation of Russia’s fuel import ban, the DOE said.

Last week, Filipinos got a break from two and a half months of price hikes after oil companies cut the prices of diesel and gasoline by 20 centavos per liter and kerosene by 50 centavos per liter.

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This resulted in a year-to-date net increase of P17.30 per liter for gasoline, P13.40 per liter for diesel, and P9.44 per liter for kerosene.

A worker unloads a delivery of liquefied petroleum gas (LPG) at a market in Quezon City, suburban Manila. AFP PHOTO/JAY DIRECTO (Photo by JAY DIRECTO / AFP)

The price of cooking gas likewise rose on Sunday by P3.75 per kilogram, or P41.25 per 11-kilogram tank.

Petron Corp. also implemented an increase of P2.09 per liter for AutoLPG, while Solane-branded liquefied petroleum gas (LPG) rose by P3.73 per kilogram.

This marks the third consecutive month that local oil companies implemented price increases for cooking gas. Last month, the price of 11-kg tanks rose by P73.15.