Oil prices down for 2nd week

MANILA, Philippines — Pump prices are down for the second consecutive week, with oil companies implementing a minimal price reduction today.

Oil firms in separate advisories yesterday said gasoline would go down by P0.25 per liter, diesel by P0.60 per liter and kerosene by P0.25 per liter.

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

The sustained downward movement in the international market last week resulted in another round of price reduction today, a second consecutive week of rollback.

Last week gasoline prices decreased by P0.35 per liter, diesel by P1.10 per liter and kerosene by P0.45 per liter.

These resulted in a year-to-date net increase of P16.10 per liter for gasoline, P37.40 per liter for diesel and P29.20 per liter for kerosene, based on data from the Department of Energy.

Prior to last week’s downward movement, prices of petroleum products had risen for two consecutive weeks by a cumulative amount of P2 for gasoline, P9.55 for diesel and P6.40 for kerosene.