Oil companies roll back pump prices in Philippines

In separate advisories yesterday, oil firms said they would slash gasoline prices P1.40 per liter

Staff Writer, Philippine Star

April 26, 2023

PHOTO

Oil companies are implementing a rollback in pump prices today, ending three straight weeks of price hikes for gasoline and kerosene, while extending the decline in diesel prices to a second consecutive week.

In separate advisories yesterday, oil firms said they would slash gasoline prices P1.40 per liter, diesel by P0.70 per liter and kerosene by P0.20 per liter.

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

This week's price adjustments reflect the movement in the international oil market.

Department of Energy (DOE) Oil Industry Management Bureau director Rino Abad said last week that the market is doubting that the OPEC+ can deliver on the additional oil output cut it recently announced, thus the softening in global oil prices.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.