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MANILA – Pump prices will go down anew this week, slashing diesel and kerosene prices for five straight weeks.

Oil firms including Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil and Shell announced that they will roll back gasoline prices by PHP0.40 per liter and PHP0.45 per liter for diesel.

Caltex, Seaoil and Shell will also cut kerosene prices by PHP0.85 per liter.

Other industry players are expected to follow suit.

The price rollback will take effect 12:01 a.m. Tuesday.

With the price adjustments implemented a week ago, net increase in prices of gasoline for this year stood at PHP24.80 per liter, PHP36.40 per liter for diesel and PHP30.15 per liter for kerosene.

On Monday, industry experts are expecting higher prices of oil in the coming days as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) plans to cut production to counter the falling oil prices.

Ahead of its meeting this week, OPEC+ is looking at pumping less than 1 million barrels a day.

As of posting, Brent crude increased by 2.64 percent to USD87.39 per barrel and West Texas Intermediate trading higher by 2.78 percent to USD81.70 per barrel. (PNA)