Oil firms rolled back domestic pump prices across all products amounting to P0.75 per liter for gasoline, P0.90 per liter for diesel and P1.05 per liter for kerosene effective 6am Tuesday to reflect the movement of prices in the world oil market.
Seaoil Philippines, Jetti Petroleum, Cleanfuel, Chevron Philippines and PetroGazz issued separate advisories of the latest oil price rollback, the second consecutive weekly price rollback for diesel and kerosene.
The actual rollback is higher than Friday’s estimate of P0.20 to P0.45 for gasoline,P0.50 to P0.70 per liter for diesel and P0.60 to P0.70 per liter for kerosene.
DOE director Rodela Romero said last week that several factors contributed to the downward pressures on the global oil market.
These include expectations of an Israel – Gaza ceasefire; uncertainties about the US interest rate reduction and the rising oil stocks/inventory of the US.
On April 30, the oil companies implemented a per liter decrease in gasoline by P0.25, diesel by P0.45 and P0.90 for kerosene.
Year-to-date adjustment of gasoline, diesel and kerosene stand at a net increase of P10, P5.60 and P0.25, respectively.