INQUIRER FILE PHOTO
Local oil companies will slash pump prices by up to over a peso per liter for the second straight week effective Tuesday, May 7.
In separate advisories, firms announced the price of gasoline would go down by 75 centavos per liter and diesel by 90 centavos per liter. Kerosene, mainly used as a heating oil and transport fuel, will decrease by P1.05 per liter.
Cleanfuel will be the first to implement the pump price rollback on Tuesday at 12:01 a.m. while Shell Pilipinas and Seaoil will follow at 6 a.m. Other industry players are expected to make the same pump price announcement.
READ: Pump price rollback expected this week
Department of Energy’s Oil Industry Management Bureau director Rodela Romero said last week experts expect a rollback in pump price because of various global events such as expectations of an Israel-Gaza ceasefire, uncertainties about the Federal Reserve slashing its interest rates and rising oil inventory of the United States.
This week’s downward adjustment is greater than last Tuesday’s price drop in petroleum products. Per liter, gasoline dropped by 25 centavos, diesel by 45 centavos and kerosene by 90 centavos.
