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MANILA – Oil companies will roll back pump prices starting July 4 following a price hike last week.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix, Seaoil, Shell, and Unioil said they will cut gasoline and diesel prices by PHP0.70 per liter.
Caltex, Seaoil, and Shell will also reduce kerosene prices by PHP0.85 per liter.
Other oil firms are expected to follow suit.
As of writing, both global benchmarks West Texas Intermediate (WTI) and Brent crude prices fell by USD0.25 and USD0.22 per barrel, respectively.
WTI was trading at USD70.39 while Brent was at USD75.19 per barrel.
With the price increase last week, local gasoline prices were higher by PHP10.05 since the start of 2023.
Diesel prices also went up by PHP1.30. Kerosene had a net reduction of PHP1.45 this year. (PNA)
