• CHERYL G. CRUZ
The pump prices of petroleum products will decrease anew this week, the second after a big-time hike last month.
Oil companies announced over the weekend that diesel could go down by P0.20 to P0.40 per liter, gasoline by P0.80 to P1/L, and kerosene by P0.50 to P0.80/L.
The exact adjustments will be known today, July 7.
Effective July 1, the per liter price of diesel also decreased by P1.80, gasoline by P1.40, and kerosene by P2.20.
The two straight weeks of rollbacks came following the big-time increase in the pump prices of diesel by P5.20/L, gasoline by P3.50/L, and kerosene by P4.8/L, and enforced on staggered phases on June 24 and 26 to cushion the impact on drivers.
The OPEC+ alliance of oil exporting countries of Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, meanwhile, announced that they will boost production by 548,000 barrels per day in August, per wire reports July 6.
The move could further reduce oil prices this year, following a sharp spike last month due to the 12-day conflict between Israel and Iran, the report added. | CGC
