Except for Caltex, retailers cut prices by P0.70/liter for gasoline, P0.10 for diesel, P0.80 for kerosene
Motorists will be getting a welcome reprieve at the pumps today, with fuel retailers implementing another round of price rollbacks.
The final price adjustments set to take effect on July 8 are as follows: gasoline down by P0.70 per liter, diesel down by P0.10, and kerosene down by P0.80, except for Caltex.
Caltex has a different set of fuel price adjustments. It will roll back gasoline and kerosene by P0.25 per liter but will increase diesel by P0.15.
Caltex was also the only oil company that had two sets of price rollbacks last week.
It rolled back a total of P0.60 for gasoline, P0.35 for diesel and P0.50 for kerosene on Thursday, July 3.
On July 1, the company also implemented per liter reductions of P1.40 for gasoline, P1.80 for diesel and P2.20 for kerosene.
The price cuts reflect easing geopolitical tensions in the Middle East, which have led to a drop in the risk premium attached to crude oil and refined products.
Caltex and Seaoil will implement full rollbacks across all three fuel types. PTT and Clean Fuel will cut prices for gasoline and diesel. They do not sell kerosene.
Schedule of adjustments: Seaoil, Jetti and PTT: 6:00 am; Caltex: 6:01 am; Clean Fuel: 8:01 am.
Today’s rollback marks the second consecutive week of price reductions. Despite the price cuts, year-to-date net increases have so far reached P8.30 per liter for gasoline, P9.95 for diesel, and P1.05 for kerosene.
Department of Energy data from June 24 to 30 showed average pump prices in Metro Manila stood at P56.15 per liter for gasoline (RON 91), P58.30 for diesel and P72.62 for kerosene.
