Fuel prices are expected to go down this week. INQUIRER FILE PHOTO
MANILA, Philippines — Motorists can expect fuel pump prices to drop this week for the third time in a row, starting Tuesday, May 14.
Local oil companies in separate advisories announced a reduction of P2 per liter for gasoline. Diesel prices were also cut by 50 centavos per liter, while kerosene prices dropped by 85 centavos per liter.
Cleanfuel will adjust its prices at 12:01 a.m. on Tuesday. Shell Pilipinas and Seaoil will follow at 6 a.m.
This week’s pump price rollback announcement was larger than the reduction applied on May 7 when gasoline price went down by 75 centavos per liter, diesel by 90 centavos, and kerosene by P1.05.
READ: Fuel price cuts: Gasoline slashed by 75¢ per liter, diesel by 90¢
Fuel prices as of May 7: Gasoline cut by 75 cents, diesel by 90
Pump prices down for second consecutive week
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said last week that oil prices fell in Asian trade as industry data pointed to the sustained increase in US inventories.
Romero also said other reasons behind the decrease include the strength of the US dollar that downplayed expectations of lower interest rates this year and a report from Hamas Officials that accepted a new ceasefire proposal for Gaza.