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Saturday, May 25, 2024

Oil firms to slash prices by P0.75/l for gas next week

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Consumers can expect an oil price rollback next week by as much as P0.75 per liter for gasoline and P0.40 per liter for diesel to reflect the movement of prices in the world oil market.

Industry sources said that based on the Mean of Platts Singapore trading and foreign exchange movement, gasoline will go down by P0.65 to P0.75 per liter and diesel by P0.30 to P0.40 per liter.

Domestic pump prices are adjusted weekly, but oil prices depend on the brand, location, and market forces.

Reuters reported early this week that oil prices declined due to lower Chinese manufacturing activity in May which fueled demand concerns and a stronger US dollar.

On May 30, the oil companies implemented a per liter increase of P1.10 for gasoline while the price of kerosene dropped by P0.60 per liter.

There was no movement in the price of diesel.

These price adjustments resulted in a year-to-date net decrease for kerosene at P6.75 per liter, and a net increase of P6.10 per liter for gasoline.

Diesel remains at a net decrease of P5.05 per liter.

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