MANILA – Motorists are set to get a sigh of relief as oil companies will implement a big-time rollback effective Tuesday.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will reduce diesel prices by PHP2.20 per liter and will also slash gasoline prices by PHP2.10 per liter.
Caltex, Seaoil, and Shell will roll back kerosene prices by PHP2.55 per liter.
This is the fourth consecutive week that oil firms cut prices of diesel and kerosene products.
According to industry experts, the decline in oil prices in the world market was mainly due to a weak demand outlook.
Manufacturing purchasing managers’ index (PMI), a benchmark of a country’s manufacturing performance, in the United States, China, and Japan dropped in July.
Uncertainties in the global economy also affect demand for petroleum products.
On the other hand, the Organization of Petroleum Exporting Countries and its allies (OPEC+) agreed to pump more in September by 100,000 barrels per day.
Meanwhile, with the price adjustments last week, net increases in petroleum products since the start of the year stood at PHP29.60 per liter for gasoline, PHP39.35 per liter for diesel, and PHP33.35 per liter for kerosene. (PNA)