Gasoline prices down P1.40/liter Tuesday

Motorists will get a slight reprieve starting Tuesday, as oil firms are set to roll back pump prices of petroleum products after three straight weeks of increases for both gasoline and kerosene.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. said they will cut down prices per liter of gasoline by P1.40, diesel by P0.70, and kerosene by P0.20.

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

The changes will take effect at 6 a.m. on Tuesday, April 25, for all the firms except for Caltex and Cleanfuel which will both adjust prices at 12:01 a.m. the same day.

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

Members and partners of the Organization of the Petroleum Exporting Countries (OPEC) earlier this month announced a production cut of 1.16 million barrels per day, which they said aims to support the stability of the market.

Oil firms last week hiked prices per liter of gasoline and kerosene by P0.10 each and rolled back those of diesel by P0.40.

Latest data from the Department of Energy (DOE) indicate a net increase of P8.5 per liter for gasoline and net decreases of P2.35 per liter for diesel and P3.35 per liter for kerosene as of April 18, 2023. —VAL, GMA Integrated News