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MANILA, Philippines — Good news greets motorists this week as oil companies announced a rollback in fuel pump prices effective Tuesday, June 11.
Gasoline will drop by 60 centavos per liter, diesel by P1.20 per liter, and kerosene by P1.30 per liter.
Cleanfuel will headline the price adjustments at 12:01 a.m. on Tuesday. Shell Pilipinas and Seaoil will follow at 6 a.m.
Industry players are slashing the prices of the three petroleum products a week after implementing a mixed adjustment.
Last week, gasoline prices fell by 90 centavos per liter but diesel and kerosene climbed by 60 centavos and 80 centavos, respectively.
READ: Mixed price adjustment: Gasoline down as kerosene, diesel go up
Fuel prices as of June 4: Gas down by 90 cents, diesel up by 60
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, pointed at certain global events that prompted the pump price reduction such as the extended global oil production cut.
“Oil prices remain under pressure this week despite OPEC+ (Organization of the Petroleum Exporting Countries and its allies) agreeing to extend their voluntary production cuts of 2.2 MMBD (million barrels per day) until the end of this year,” Romero said on Friday.
“This decision comes in response to growing concerns over weakening demand growth, high interest rates, and increased production from the US (United States),” she added.