MANILA, Philippines — Good news greeted motorists this week as oil companies slashed gasoline prices for the third consecutive time effective Tuesday (May 14).
In separate advisories, the local oil firms announced a P2 per liter cut in gasoline prices. Diesel and kerosene prices were also slashed by 50 centavos and 85 centavos per liter, respectively.
Cleanfuel will adjust its prices at 12:01 a.m. on Tuesday. Shell Pilipinas and Seaoil will follow at 6 a.m.
This week’s pump price rollback announcement was larger than the reduction applied on May 7 when gasoline price went down by 75 centavos per liter, diesel by 90 centavos, and kerosene by P1.05.
READ: Fuel price cuts: Gasoline slashed by 75¢ per liter, diesel by 90¢
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said last week that oil prices fell in Asian trade as industry data pointed to the sustained increase in US inventories.
Romero also said other reasons behind the decrease include the strength of the US dollar that downplayed expectations of lower interest rates this year and a report from Hamas Officials that accepted a new ceasefire proposal for Gaza.