The country’s oil firms cut the price of gasoline by P0.10 per liter for gasoline and P0.15 per liter for kerosene effective 6am Tuesday to reflect the movement of prices in the world market.
“Petron will implement the following price adjustments effective 6 a.m. on July 21: P0.10/li rollback for gasoline; P0.15/li increase for kerosene. These reflect movements in the international oil market,” Petron Corp., the country’s biggest oil firm said in its advisory.
Aside from Petron, Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines, Cleanfuel, Flying V, Chevron Philippines and PTT Philippines also cut prices at the same level while other oil firms are expected to follow suit.
The oil firms did not move diesel pump prices.
Over the weekend, Unioil Philippines expects a mixed movement in pump prices this week as it forecasted gasoline to go down by P0.20 per liter this week.
World oil prices went down last week due to weak global economic data and slowdown in consumption.
Last week, the country’s oil firms raised the price of gasoline by P0.65 per liter, kerosene by P0.40 per liter and diesel by P0.30 per liter.
Total year-to-date adjustments stand at a net decrease of P4.87 per liter for gasoline, P8.54 per liter for diesel and P12.84 per liter for kerosene.