Oil firms to slash pump prices Tuesday

By Ma. Cristina Arayata

July 23, 2018, 7:59 pm

MANILA -- Local oil firms announced a reduction in pump prices effective 6 a.m. Tuesday (July 24).

In separate announcements, Petron, Flying V, Jetti Petroleum, Uniol, Caltex, PTT Philippines, and Phoenix Petroleum said they will implement price rollbacks of PHP1 per liter for diesel, and PHP0.70 per liter for unleaded gasoline.

Petron, Flying V and Caltex will also implement a PHP1.25-per-liter price reduction for kerosene.

Meanwhile, Petrogazz beat competitors to the punch with a PHP1-per-liter reduction for biodiesel and PHP0.70 for unleaded gasoline effective 6 a.m. Monday.

Eastern Petroleum was also an early bird with an PHP0.80-per-liter rollback in the price of gasoline, and PHP1-per-liter rollback in the price of diesel effective 12 noon Monday.

Last week, pump prices went up by PHP0.30 per liter for gasoline, went down by PHP0.15 per liter for diesel, and no price adjustment for kerosene after its price went up by PHP0.70 per liter the previous week.

The oil firms said price adjustments reflect the movements in the international petroleum market, which they are simply passing on to the consuming public. (PNA)