MANILA: Oil companies will slash petroleum prices as much as PHP2 per liter on May 14.
In separate advisories, Caltex, Cleanfuel, Jetti, Seaoil, and Shell said they will roll back gasoline price by PHP2 per liter and will also cut diesel price by PHP0.50 per liter.
Caltex, Seaoil, and Shell will also cut kerosene prices by PHP0.85 per liter.
Other oil firms are expected to implement the same price rollbacks.
This will be the fourth straight week that companies will be slashing diesel prices, and third consecutive week of rollback for gasoline and diesel prices.
‘Year-to-date adjustment of gasoline and diesel stand at a per liter net increase of PHP9.25 and PHP4.70, respectively. Kerosene, on the other hand, has a net decrease of PHP0.80 per liter,’ the Department of Energy said.
Oil prices in the global market during the last day of trading in the previous week declined by around USD1 per barrel, with Brent crude futures standing at USD82.79 per barrel while US West Texas Intermediate fell to USD78.26 p
er barrel.
Source: Philippines News Agency
