Oil firms to slash fuel prices

Metro Manila (CNN Philippines, May 16) — Oil companies on Monday announced that they will slash the prices of fuel products following last week’s big-time hike.

In separate advisories, Petro Gazz, Seaoil,Cleanfuel, PTT Philippines, and Caltex said their per liter pump prices will be reduced by ₱0.40 for gasoline and ₱3.10 for diesel effective Tuesday, May 17.

Petro Gazz, Seaoil, and PTT Philippines will implement the rollback at 6 a.m., while Cleanfuel will start adjusting the prices at 8:01 a.m. Caltex, on the other hand, will implement the price reduction at 12:01 a.m. 

Meanwhile, Seaoil said kerosene price will fall by ₱2.10 per liter.

The Department of Energy said net price increases since the start of the year for gasoline, diesel and kerosene stood at ₱22.80, ₱34.50 and ₱29.75 per liter, respectively, as of May 10.