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Diesel prices roll back

Diesel prices roll back

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Oil companies rollbacked local pump prices of oil products last Tuesday, June 11.

Firms announced they will cut the price of gasoline by 60 centavos per liter and diesel by P1.20 per liter. Kerosene will also decrease by P1.30 per liter.

Industry players are slashing the prices of the three petroleum products a week after implementing a mixed adjustment.

Last week, gasoline prices fell by 90 centavos per liter but diesel and kerosene climbed by 60 centavos and 80 centavos, respectively.

Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, pointed at certain global events that prompted the pump price reduction such as the extended global oil production cut.

“Oil prices remain under pressure this week despite OPEC+ (Organization of the Petroleum Exporting Countries and its allies) agreeing to extend their voluntary production cuts of 2.2 MMBD (million barrels per day) until the end of this year,” Romero said on Friday.

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“This decision comes in response to growing concerns over weakening demand growth, high interest rates, and increased production from the US (United States),” she added.