MANILA -After implementing hefty price increases for two consecutive weeks, local oil companies on Monday said they would roll back the price of diesel by P0.40 per liter starting Tuesday, April 18.
Pump prices of gasoline and kerosene, however, will increase by P0.30 per liter and P0.10 per liter, respectively.
Caltex and Cleanfuel will be implementing the price adjustments at 12:01 a.m. on Tuesday, followed by Seaoil, Jetti Petroleum and Petrogazz at 6 a.m.
Last week, motorists reeled from big increases in local prices as world market cost of crude rose mainly due to the announced cut in OPEC+ output of 1.6 million barrels per day.
The output cut will begin in May and last until the end of the year, according to the Department of Energy (DOE).
This was on top of the 450,000 b/d of northern Iraqi exports that had been halted since March 24, the DOE added.
Last week, local oil firms hiked their prices by P2.60 per liter for gasoline, P1.70 per liter for diesel, and P1.90 per liter for kerosene.
This resulted in a year-to-date net decrease of P1.95 per liter for diesel and P3.45 per liter for kerosene.
Gasoline, meanwhile, had a net increase of P8.65 per liter.
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