P0.95 price cut for diesel; P0.70 for gas

MANILA, Philippines — In separate advisories, oil companies announced yesterday price cuts of P0.70 per liter for gasoline, P0.95 per liter for diesel and P1.10 for kerosene.

The adjustment takes effect at 6 a.m. with Jetti, PetroGazz, SeaOil, Unioil and Shell. Caltex and CleanFuel implemented the adjustment at 12:01 a.m.

The decrease was slightly lower than the Department of Energy (DOE)’s estimation last week, following the four-day trading of Mean of Platts Singapore.

Last Friday, DOE-Oil Industry Management Bureau assistant director Rodela Romero estimated a decrease of around P0.70 to P0.90 per liter for gasoline, P1.00 to P1.20 per liter for diesel and P0.90 to P1.00 per liter for kerosene.

However, Romero said the estimations might change due to last Friday’s trading.

“This adjustment is attributed to the worries about global demand and the expectations that cuts to US interest rates will take longer,” she said.

Last week, pump prices increased by P1.60 per liter for gasoline, P1.10 per liter for diesel and P1.05 per liter for kerosene.