MANILA -- Filipino motorists are in for a big treat thanks to world crude prices moving in a more consumer-friendly direction last week.
In separate statements, local oil companies announced significant price reductions in liquid fuels, which will take effect 6 a.m. Tuesday.
Both major and independent oil firms will be implementing the same price reductions of PHP2.70 per liter for diesel, PHP2.45 per liter for unleaded gasoline and PHP2.60 per liter for kerosene.
Last Tuesday (June 4), local pump prices also went down by PHP1.05 per liter for diesel, PHP1.70 per liter for gasoline and PHP1.00 per liter for kerosene.
This brings the total oil price rollbacks in June to PHP3.75 for diesel, PHP4.15 for gasoline and PHP3.60 for kerosene.
Oil market observers, however, explained that the price of petroleum in the international market "are naturally fickle and are often influenced by both economic and political developments."
Therefore, consumers should enjoy the softening of domestic oil prices while the downward momentum lasts, they added. (PNA)
