LOCAL oil companies cut pump prices on Aug. 12 following recent oil-related global developments.
Shell, Seaoil, PetroGazz, Cleanfuel, Jetti Petroleum, and Flying V reduced gasoline prices by 40 centavos per liter, and diesel by P1.50 per liter.
Shell, Seaoil, and Flying V dropped kerosene prices by P1.30 per liter.
Caltex staggered its price reductions, with gasoline down by 40 centavos per liter, and diesel and kerosene by P1 per liter.
The price rollback is in response to the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) to raise production to 547,000 barrels per day in September.
Other contributing factors were the uncertainty surrounding US tariff policy; the confusion over potential US tariffs on buyers of Russian oil; and expectations for a diplomatic end to the war in Ukraine.
Last week, the per-liter price of gasoline rose by P1.90, diesel by P1.20, and kerosene by P1.
Since January, gasoline has gone up by P10.80 per liter, diesel by P12.75, and kerosene by P2.65.