Gasoline, diesel prices to be rolled back for first time in months

After months of consecutive price hikes, oil firms on Monday announced a reduction in pump prices of petroleum products starting Tuesday.

In separate advisories,  Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. said they will roll back prices per liter of gasoline by P0.75, diesel by P0.60, and kerosene by P0.60.

Cleanfuel, Petro Gazz, PTT Philippines Corp., and Total Philippines Corp.  will implement the same changes, excluding kerosene which they do not carry.

The changes will take effect 6 a.m. on Tuesday, July 27, for all firms except for Cleanfuel, which will adjust prices 8:01 a.m. the same day.

Prior to this week’s adjustments, gasoline prices were hiked for nine straight weeks and diesel by 14 weeks. Gasoline prices were last rolled back on May 18.

Latest data available from the Department of Energy (DOE) shows that year-to-date adjustments stand at a total net increase of P13.60 per liter for gasoline, P10.90 per liter for diesel, and P9.30 per liter for kerosene as of July 20.—KBK/AOL, GMA News