The country’s oil firms rolled back diesel and kerosene prices by more than P4 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world market.
This is the third consecutive week of rollbacks for diesel and kerosene. However, local firms did not move gasoline prices this week.
“Petron will implement the following price adjustments effective 6 a.m. on Sep 20: No movement for gasoline; P4.15 per liter rollback for diesel, and P4.45 per liter rollback for kerosene. These reflect movements in the international oil market,” the country’s leading oil company said in its advisory.
PTT Philippines, Phoenix Petroleum Philippines, Seaoil Philippines, PetroGazz, and Caltex Philippines also announced price cuts.
On September 13, oil companies cut the price of gasoline by P0.45, diesel by P1.45, and P1.70 for kerosene.
These resulted in the total year-to-date adjustments at a net increase of P16.50 per liter for gasoline, P34.80 per liter for diesel, and P29.90 per liter for kerosene.
According to the monitoring group of the Department of Energy, world oil prices declined in the past weeks due to demand worries driven by concerns about a US recession as well as China’s intensified COVID-19 controls.