By Kris Crismundo | Philippine News Agency
Oil companies will slash petroleum prices as much as P2 per liter on May 14.
In separate advisories, Caltex, Cleanfuel, Jetti, Seaoil, and Shell said they will roll back gasoline prices by P2 per liter and will also cut diesel prices by P0.50 per liter.
Caltex, Seaoil, and Shell will also cut kerosene prices by P0.85 per liter.
Other oil firms are expected to implement the same price rollbacks.
This will be the fourth straight week that companies will be slashing diesel prices and third consecutive week of rollback for gasoline and diesel prices.
“Year-to-date adjustment of gasoline and diesel stands at a per liter net increase of P9.25 and P4.70, respectively. Kerosene, on the other hand, has a net decrease of P0.80 per liter,” the Department of Energy said.
Oil prices in the global market during the last day of trading in the previous week declined by around US$1 per barrel, with Brent crude futures standing at US$82.79 per barrel, while U.S. West Texas Intermediate fell to US$78.26 per barrel.