Local Oil Companies to Implement Significant Pump Price Rollback
Local oil companies have announced a substantial reduction in pump prices for the second consecutive week, effective Tuesday, May 7. The price of gasoline will be decreased by 75 centavos per liter, diesel by 90 centavos per liter, and kerosene by P1.05 per liter.
Cleanfuel will be the first to implement the pump price rollback at 12:01 a.m. on Tuesday, followed by Shell Pilipinas and Seaoil at 6 a.m. Other industry players are expected to make similar announcements.
According to the Department of Energy’s Oil Industry Management Bureau director Rodela Romero, experts have predicted a rollback in pump prices due to various global events, such as expectations of an Israel-Gaza ceasefire, uncertainties about the Federal Reserve slashing its interest rates, and the rising oil inventory of the United States.
This week’s price adjustment is larger than last week’s decrease. Gasoline prices dropped by 25 centavos per liter, diesel by 45 centavos per liter, and kerosene by 90 centavos per liter.
