Pump prices down by over P1/liter Tuesday

Pump prices of petroleum products will be rolled back by over P1 per liter on Tuesday, marking the third straight week that all gasoline, diesel, and kerosene prices are cut.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. said they will lower prices per liter of gasoline by P1.95, diesel by P1.90, and kerosene by P1.65.

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

The adjustments will take effect at 6 a.m. on Tuesday, December 6, 2022 for all the firms except for Caltex which will adjust prices at 12:01 a.m., and Cleanfuel at 8:01 a.m. the same day.

Other firms have yet to make similar announcements for the week.

The Department of Energy (DOE) earlier attributed the downward movement of prices to the impact of the lockdown measures in China on demand, higher inventories, and the successive interest rate hikes in the United States.

Latest data available from the DOE show that year-to-date adjustments stood at a net increase of P17.75 per liter for gasoline, P33.85 per liter for diesel, and P27.85 per liter for kerosene as of November 22, 2022. — RSJ, GMA Integrated News