By Kris Crismundo | Philippine News Agency
Pump prices will be lower by as much as P1.15 per liter on Tuesday, July 16, driven by falling crude prices in the global market, snapping its four-week rally.
Oil companies announced in separate advisories on Monday, July 15, they will cut gasoline prices by P0.60 per liter and P0.95 per liter for diesel.
These companies include Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell.
Other oil firms are expected to follow suit.
Caltex, Seaoil, and Shell will also slash kerosene prices by P1.15 per liter.
Industry experts said the recent inflation data from China at 0.2%, which is lower than forecasts, reflects soft consumer confidence and potential stimulus measures from its government to boost demand.
Meanwhile, data from the Department of Energy showed that the price adjustments last week brought a year-to-date net increase in prices of gasoline by P10.85 per liter, P9.05 per liter for diesel, and P2.35 per liter for kerosene.
