The country’s oil firms cut pump prices across all products effective 6 a.m. Tuesday with gasoline leading the price cut of P1.40 per liter.
The oil firms announced a price cut of P1.40 per liter for gasoline, P0.70 per liter for diesel, and P0.20 per liter for kerosene to reflect the movement of prices in the world oil market.
“Effective 12:01am Apr. 25, 2023, Caltex (Chevron Philippines, Inc.) will decrease fuel prices of Platinum and Silver by P1.40 per liter, diesel by P0.70 per liter and kerosene by P0.20 per liter,” Caltex said in its advisory.
The price rollback is within the forecast announced by an oil industry source over the weekend.
The source said gasoline prices may be rolled back by P1.35 to P1.55 per liter and diesel by P0.55 to P0.65 per liter.
The Department of Energy confirmed on Friday the possible price cut by Tuesday, based on the four-day monitoring for the international oil market.
DOE director for Oil Industry Management Bureau Rodela Romero said oil prices declined due to “the monetary policy of US of further interest rates that could slow growth and curb oil consumption and the fear of stronger dollar will hurt global oil demand making it more expensive.”
On April 18, the country’s oil firms implemented a mixed oil price movement.
The oil firms increased the price of gasoline by P0.30 per liter and P0.10 per liter for kerosene but rolled back the price of diesel by P0.40 per liter.
These resulted in a year-to-date net decrease for diesel at P2.35 per liter and kerosene at P3.35 per liter.
Gasoline, on the other hand, has a net increase of P8.95 per liter.