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Oil price rollback of almost P2 per liter slated on May 9

With effect from Tuesday, petroleum providers will reduce pump prices by more than PHP2 per liter.

Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, and Shell each announced price reductions of PHP2.20 for gasoline and PHP2.70 for diesel.

PHP2.55 will reduce kerosene prices per liter by Caltex, Seaoil, and Shell.

The same is anticipated from other oil companies.

The price of diesel has been reduced for the fourth week in a row by oil companies. Prices for kerosene and gasoline have decreased for three weeks in a row.

Since the beginning of the year, the prior price adjustments have resulted in a net increase in gasoline prices of PHP9.65 per liter, a net decrease in diesel and kerosene prices of PHP0.05 and PHP1.25 per liter, respectively.

According to industry experts, concerns over global growth caused a drop in oil prices last week, with US crude oil falling to USD69 per barrel.

Global oil prices reversed last week’s falls on Monday.

West Texas Intermediate (WTI) prices jumped by $0.42 to reach $71.76 per barrel, while Brent prices rose by $0.40 to reach $75.70 per barrel, according to OilPrice.com.

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