Petro Gazz to reduce diesel prices by P3.50 per liter

Independent oil player Petro Gazz will implement a price rollback for its diesel products after fuel companies announced massive price hikes for their petroleum products effective this week.

In an advisory on Tuesday, Petro Gazz said it would slash by P3.50 the price per liter of diesel at selected stations nationwide.

The offer will run from 6 a.m. on June 8 until 10 p.m. on June 11.

The company said the initiative to slash diesel prices came because “there are still stations [that] have inventories of diesel that can last up to four days.”

Effective Tuesday, oil companies hiked the prices per liter of gasoline by P2.70, diesel by P6.55, and kerosene by P5.45.

Domestic pump prices have risen thus far this year, with only eight weekly price reductions implemented.

Latest figures available from the Department of Energy show that year-to-date adjustments stand at a net increase of P23.85 per liter for gasoline, P30.30 per liter for diesel, and P27.65 per liter for kerosene as of May 31, 2022. —VBL, GMA News