The country’s oil firms cut pump prices anew by as much as P2.70 per liter effective 6 a.m. Tuesday to reflect the movement of oil prices in the world market.
The firms cut the price of kerosene by P2.70 per liter, diesel by P2.65 per liter, and gasoline by P2.40 per liter due to rising COVID-19 cases and the Omicron variant that could affect global demand.
“Petron will implement the following price rollbacks effective 6 a.m. on Dec 7: P2.40/li for gasoline; P2.65/li for diesel and P2.70/li for kerosene. These reflect movements in the international oil market,” the company said in its advisory.
Phoenix Petroleum Philippines, Seaoil Philippines, PTT Philippines, Flying V and Cleanfuel also cut pump prices, while others are expected to follow.
On November 30, the oil companies also rolled back prices by P1.10 to P1.20 per liter for gasoline, P0.60 to P0.70 per liter for diesel, and P0.50 per liter for kerosene.
These resulted in year-to-date adjustments at a total net increase of P18.10/liter for gasoline, P15.70/liter for diesel and P13.19/liter for kerosene.