Fuel prices rolled back anew today

MANILA, Philippines — Another rollback in the prices of petroleum products will be implemented by oil companies today.

In separate advisories yesterday, oil firms announced price reductions of P0.40 per liter for gasoline, P0.45 per liter for diesel and P0.85 per liter for kerosene.

The adjustments are the fifth consecutive week of decline in the prices of diesel and kerosene, and the second straight for gasoline.

The price adjustments will take effect at 6 a.m. today for most oil firms, except for Caltex and Cleanfuel which started implementing the adjustments at 12:01 a.m.

This week’s price rollbacks are a reflection of the movements in the international oil market.

The Department of Energy (DOE)’s Oil Industry Management Bureau earlier said higher interest rates being implemented by major countries have caused demand for oil to go down, thus lowering prices.

Last Tuesday, oil companies implemented a price reduction of P1.65 per liter for gasoline, P1.25 per liter for diesel and P1.35 per liter for kerosene.

These resulted in a year-to-date net increase of P14.85 per liter for gasoline, P29.40 per liter for diesel and P24.10 per liter for kerosene, based on data from the DOE.