For the second consecutive week, pump prices are set to drop effective on May 7, Tuesday.
Local oil companies Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. announced the price of gasoline would be reduced by 75 centavos per liter, diesel by 90 centavos per liter, and kerosene by P1.05 per liter.
Cleanfuel and Petro Gazz will carry out these adjustments, save for kerosene, which they do not carry.
The price changes will be implemented at 6 AM for all firms except Cleanfuel, which will do so earlier, at 12:01 AM. More in the industry are likely to publicize the same changes.
Rodela Romero, director at the Oil Industry Management Bureau of the Department of Energy (DOE) said a rollback in pump prices was to be expected due to events abroad such as the intensifying ceasefire talks in Gaza, the dubiety in the Federal Reserve's interest rates, and the swelling US oil inventory.
