Diesel gets PHP 3.10 price cut tomorrow

The seesaw oil price affair continues, but tomorrow's a more favorable one for our dear motorists.

Starting Tuesday, May 17, the price of diesel will roll back PHP 3.10 per liter, while gasoline will have a modest price cut at PHP 0.40 per liter. In addition, kerosene will also be cheaper by PHP 2.10 per liter. With these latest price adjustments, diesel could become cheaper than gasoline again.

So far, only Pilipinas Shell, Seaoil, PetroGazz, and CleanFuel have announced advisories regarding the price movements of their fuel products. The first three are set to make the adjustments effective by 6:00 AM tomorrow, while CleanFuel will implement their rollback by 8:01 AM.

However, it is expected that other oil companies will follow the same price adjustments, and could make their announcements later in the day.

Global supply of crude oil remains tight as the European Union is still aiming to agree on a phased embargo of Russian oil, hence the up and down weekly movement of oil prices in the market.

Despite this week's scheduled rollback, the adjustments are still not enough to offset the PHP 4.20 increase done last week. But at least, the positive thing here is that it's not another price hike.