Diesel prices rolled back by P1.20 per liter, gasoline by 60¢

MANILA, Philippines — Good news awaits motorists as oil companies announced a rollback in local pump prices of oil products effective Tuesday, June 11.

Firms announced they will cut the price of gasoline by 60 centavos per liter and diesel by P1.20 per liter. Kerosene will also decrease by P1.30 per liter.

Cleanfuel will headline the price adjustments at 12:01 a.m. on Tuesday.  Shell Pilipinas, Seaoil, Jetti Petroleum, and Petro Gazz will follow at 6 a.m.

Industry players are slashing the prices of the three petroleum products a week after implementing a mixed adjustment.

Last week, gasoline prices fell by 90 centavos per liter but diesel and kerosene climbed by 60 centavos and 80 centavos, respectively.

READ: Mixed price adjustment: Gasoline down as kerosene, diesel go up

Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, pointed at certain global events that prompted the pump price reduction such as the extended global oil production cut.

“Oil prices remain under pressure this week despite OPEC+ (Organization of the Petroleum Exporting Countries and its allies) agreeing to extend their voluntary production cuts of 2.2 MMBD (million barrels per day) until the end of this year,” Romero said on Friday.

“This decision comes in response to growing concerns over weakening demand growth, high interest rates, and increased production from the US (United States),” she added.