Oil firms said Monday that they will slash gasoline prices by P0.60 per liter, diesel by P0.30 per liter, and kerosene by P0.60 per liter. This was announced by Petron, Shell, Caltex, PTT, Phoenix, Total, Unioil, and Seaoil. Cleanfuel, meanwhile, will implement its new pump prices at 12:01 a.m.
The oil price increase last week was mainly due to an increase in the price of Dubai crude by around $1.25 per barrel , the Department of Energy said. MOPS gasoline also increased by about $2.80/bbl contrary to MOPs kerosene that decreased by nearly $1.00/bbl. MOPS diesel remained at similar level as the previous week.
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