Oil companies are implementing a round of mixed adjustments in pump prices today, with gasoline on its second week of decline.

In separate advisories yesterday, oil firms said the price of gasoline would go down by P0.20 per liter, while that of diesel and kerosene would increase by P0.75 per liter and P0.50 per liter, respectively.

The adjustments will take effect at 6 a.m. today for most companies, except for Caltex which implemented the price movements at 12:01 a.m. and Cleanfuel which will implement it at 4:01 p.m.

This week's domestic pump price adjustments reflect the movement in the international oil market, which were influenced primarily by the interest rate hikes implemented by central banks of big countries to address inflation, as well as production cuts announced by OPEC member countries.

This is the second consecutive week that gasoline prices were rolled back following a P0.70 per liter reduction last week.

The price of diesel also went down by P0.70 per liter last week, while that of kerosene dropped by P0.85 per liter.

Data from the Department of Energy showed that these price adjustments resulted in a year-to-date net decrease of P3.70 per liter for diesel and P6 per liter for kerosene.

Gasoline, on the other hand, has a net increase of P5.85 per liter year-to-date.

 

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