Oil firms reduce gasoline pump costs


Oil firms introduced a worth rollback from Tuesday after implementing a steep worth hike final week.

They mentioned in separate bulletins that they are going to cut back the worth of petrol by P2.6 per litre, diesel by P1.55 per liter and kerosene by P1.6 per litre.

Seaoil, PTT, Phoenix, Petrone, Shell, Caltex, Whole will implement the worth reduce at 6 a.m. on September 6. CleanFuel introduced that it’ll cut back the costs of its pumps at 12:01 am.

Diesel and kerosene costs elevated by P6.10 per liter final week, whereas gasoline costs elevated by P1.40 per litre. These stood at a internet enhance of P19.55/l for gasoline, P37.80/l for diesel and P33.20/l for kerosene, leading to year-over-year whole changes.

The DOE mentioned this week’s oil worth rollback is primarily attributable to softening demand because of rising rates of interest within the US and Europe, in addition to the results of lockdowns in elements of China.

Oil firms modify their costs each week to mirror fluctuations on the earth oil market. -30-

Picture credit score: Noni Reyes


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