By Kris Crismundo | Philippine News Agency
After three straight weeks of price hikes, oil firms will cut pump prices effective Tuesday.
In separate advisories on Monday, Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will roll back gasoline prices by 50 centavos per liter, diesel by 70 centavos per liter, and kerosene by 85 centavos per liter.
Other oil firms are expected to follow suit.
For the three consecutive weeks of oil price hikes, gasoline prices have increased by P3.10 per liter, diesel by P4.80 per liter, and kerosene by P3.60 per liter.
“Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P9.05 per liter and P6.75 per liter, respectively. On the other hand, kerosene has a total net decrease of P2.75 per liter,” the Department of Energy (DOE) said.
DOE data showed that current gasoline prices ranged from P50.60 to P87.52 per liter, from P47.75 to P72.65 per liter for diesel, and from P69.89 to P80.74 per liter for kerosene.
Oil prices in the global market closed trading weaker last week on China’s demand woes following the easing of its economy.