Motorists will get a slight reprieve this week, as oil firms are set to roll back pump prices on Tuesday following the major price hike implemented in the past week.
In separate advisories, Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will reduce prices per liter of gasoline by P0.35, diesel by P0.10, and kerosene by P0.30.The changes will take effect at 6 a.m. on Tuesday, June 20, for all the firms, except for Cleanfuel, which will adjust prices at 12:01 a.m. on the same day.per liter of gasoline by P1.20, diesel by P1.40, and kerosene by P1.30.
The Department of Energy last week projected a rollback, based on the four-day trading as markets took into consideration the optimism on China’s demand data, and more rate hikes in the United States which could temper demand. Latest data available from the agency indicate a year-to-date net increase of P6.70 per liter for gasoline, and net decreases of P3.95 per liter for diesel, and P6.05 per liter for kerosene as of June 13, 20233.