Oil firms Seaoil Philippines and PetroGazz announced it will cut pump prices by as much as P0.30 per liter effective 6 a.m. Tuesday to reflect the movement of oil prices in the world market.
READ: Oil firms hike gasoline, kerosene prices by Tuesday
Seaoil and PetroGazz will cut diesel price by P0.30 per liter and gasoline by P0.25 per liter. Seaoil will also reduce kerosene price by P0.15 per liter.
Over the weekend, Unioil said consumers can expect pump prices to go down this week.
“Expect fuel prices to go down next week (August 4 – 10). Diesel should go down by P0.10 per liter. Gasoline should go down by P0.20 to P0.30 per liter,” Unioil Philippines said.
World oil prices declined last week amid reports of continuing business shutdowns and layoffs in the United States, dampening demand amid the coronavirus pandemic.
The local distributors, meanwhile, increased the price of cooking gas by P0.13 to P0.15 per kilogram on Aug. 1.
“Petron will implement a P0.15 per-kilogram increase in LPG prices effective at 12:01 a.m. on Aug. 1. Auto LPG prices will likewise increase by P0.10 per liter at the same time,” said Petron Corp., the Philippines’ biggest oil company.
Petron said the latest price movements reflected the international contract price of LPG for the month of August.
Phoenix also increased the price of its Super LPG brand and auto LPG at the same levels as Petron, while Isla LPG increased the price of its Solane brand by P0.13 per kilogram.
On July 28, the oil companies implemented a price increase of P0.10 to P0.30 per liter of gasoline, P0.25 per liter of diesel and P0.30 per liter of kerosene.
The price increases brought the total year-to-date adjustments at a net decrease of P4.77 per liter of gasoline, P8.29 per liter of diesel and P12.54 per liter of kerosene, according to the Department of Energy.
