The country’s oil firms raised the price of gasoline by P0.75 per liter but cut the cost of diesel and kerosene by P0.60 per liter and P0.75 per liter, respectively, effective 6 a.m. Tuesday.
The oil firms also cut the price of cooking gas or liquefied petroleum gas (LPG) by P2.09 per kilo to reflect the lower contract price of LPG in the world market.
“Petron will implement the following price adjustments effective 6 a.m. on August 2: P0.75 per liter increase for gasoline; P0.60 per liter rollback for diesel, and P0.75 per liter rollback kerosene. These reflect movements in the international oil market,” the country’s biggest oil company said.
Phoenix Petroleum Philippines, PTT Philippines, Cleanfuel, Caltex Philippines, Total Philippines, Flying V, Seaoil Philippines, and PetroGazz adjusted pump prices.
Meanwhile, Solane announced it cut the price of its LPG products by P2.09 per kilo (VAT inclusive), equivalent to P22.99 for every 11-kilo tank.
Other oil companies are also expected to cut LPG prices.
World oil prices fell last week amid weak US economic data, further fueling recession fears. Tight oil supply concerns failed to temper the decline in prices.
However, traders are watching the outcome of the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies on August 3 and whether the group will increase their production quota.
On July 26, the oil companies implemented a price cut in gasoline by P0.40 per liter, diesel by P1.85 per liter, and kerosene by P1.30 per liter.
These resulted in the total year-to-date adjustments at a net increase of P18.90 per liter for gasoline, P32.95 per liter for diesel, and P28.05 per liter for kerosene.