INQUIRER FILE PHOTO
MANILA, Philippines — Motorists will get a slight reprieve this week as local oil firms announced rollbacks in the pump prices of petroleum products by up to P0.50 per liter effective Tuesday, March 12.
In separate advisories, the companies said they would slash the price per liter of gasoline by P0.50 and diesel by P0.25. The price of kerosene will likewise decline by P0.30 per liter.
CleanFuel will implement the rollback by 12:01 a.m., followed by Shell and Seaoil at 6 a.m.
READ: Oil fell slightly as China growth worries clash with output cuts
The Department of Energy (DOE) Oil Industry Management Bureau attributed this week’s price cuts to “fluctuating demand concerns” in China and the United States.
Despite extended production cuts from members of the Organization of the Petroleum Exporting Countries, the DOE said there was an expected rise in supply coming from non-members.
READ: Price of gas up by P0.50 per liter
Last week, the price per liter of gasoline rose by P0.50 per liter on the back of Russia’s six-month export ban. The prices of diesel and kerosene, meanwhile, went down by P0.40 per liter and P0.35 per liter, respectively.