Starting Tuesday morning, diesel prices will be reduced by P3 per liter and P3.4 per liter for kerosene. The price of gasoline remains unchanged.
The oil companies’ price adjustment takes effect at 6 a.m. of July 5 as announced by Petron, Shell, Caltex, Phoenix, PTT, Total, Seaoil, and Unioil. Cleanfuel, meanwhile, said it will implement the price rollback at 8:01 a.m. From June 20 to 24, the week-on-week price of Dubai crude decreased by about $8.40 per barrel. MOPS gasoline and MOPS diesel have also fallen by around $3 per barrel and $0.70 per barrel, respectively.
The DOE said crude prices kept falling as recession fears plagued the market sentiment, outweighing concerns over supply tightness. But the Philippine peso depreciated week-on-week against the US dollar by P1.04 to P54.41 from P53.36 in previous week.Gasoline increased by P0.50 per liter, P1.65 per liter for diesel and kerosene by P0.10 per liter, resulting to the year-to-date adjustments to stand at a net increase of P30 per liter for gasoline, P45.90/ per liter for diesel and P39.
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