MANILA, Philippines — Oil firms are slashing pump prices anew today, the third straight week of price rollback for diesel and the second consecutive for gasoline.
In separate advisories yesterday, oil firms said gasoline prices would go down by P5 per liter, diesel prices by P2 per liter and kerosene prices by P0.70 per liter.
The price adjustments will take effect at 6 a.m. for most oil companies, except for Caltex and Cleanfuel, which will implement the adjustments starting at 12:01 a.m. and 8:01 a.m., respectively.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) has attributed this week’s rollback to the continuing COVID lockdowns in China as well as interest hikes by various countries.
DOE-OIMB director Rino Abad earlier said there is a chance that pump prices would continue to go down in the coming weeks should the US push through with another rate hike, which other countries could likewise follow.
Last week, oil companies implemented a price decrease in gasoline by P5.70 per liter, diesel by P6.10 per liter and kerosene by P6.30 per liter, which resulted in year-to-date adjustments of a net increase of P24.30 per liter for gasoline, P36.80 per liter for diesel and P30.05 per liter for kerosene.
The DOE said it has been providing updates to Secretary-designate Raphael Lotilla on matters affecting oil prices and other pertinent items for the immediate action of the department.
In a statement on Sunday evening, the DOE said Lotilla informed the agency that he tested positive for COVID last Saturday.
Lotilla is currently undergoing medication at home and is self isolating.