MANILA (Philippine Daily Inquirer/Asia News Network): Motorists are in for a treat this week, as pump prices of gasoline, diesel and kerosene will be rolled back by as much as P2 per litre starting Tuesday (March 21).
In separate advisories, local oil companies said they would cut the prices of gasoline by P1.20 per litre; diesel, P1.85 per litre; and kerosene, P2 per litre.
This comes a week after the prices of diesel and kerosene declined by P0.1 per litre and P0.60 per litre, respectively. The price of gasoline, meanwhile, jumped by P1 per litre last week.
The adjustments, according to the Department of Energy, resulted in a year-to-date net decrease of P1 per litre in the price of diesel and P0.60 per litre for kerosene.
Local oil prices are anchored on the Mean of Platts Singapore (MOPS), which is widely used in Asia-Pacific markets because Singapore is a major hub for oil trading and refining in the region.
