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MANILA, Philippines — Pump prices will be cut by more than a peso per liter for the second straight week by local oil companies effective Tuesday, May 7.
The price of gasoline would be slashed by 75 centavos per liter and diesel would go down by 90 centavos per liter.
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Pump price rollback expected this week
Fuel prices in Cebu City: Gasoline up by 45 centavos per liter
A P1.05 per liter rollback will be implemented for kerosene, which is mainly used as a heating oil and transport fuel.
All of these are from separate advisories of local oil firms.
Fuel price cuts: Cleanfuel to go first
Cleanfuel will be the first to implement the pump price rollback on Tuesday at 12:01 a.m. while Shell Pilipinas and Seaoil will follow at 6 a.m.
Other industry players are expected to make the same pump price announcement.
Department of Energy’s Oil Industry Management Bureau director Rodela Romero said last week experts expect a rollback in pump price because of various global events such as expectations of an Israel-Gaza ceasefire, uncertainties about the Federal Reserve slashing its interest rates and rising oil inventory of the United States.
This week’s downward adjustment is greater than last Tuesday’s price drop in petroleum products. Per liter, gasoline dropped by 25 centavos, diesel by 45 centavos and kerosene by 90 centavos.