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MANILA – As expected, fuel prices will go down effective Tuesday, with Pilipinas Shell Petroleum Corp. the first to announce the rollback, the 12th consecutive week of reduction this year.
In a text message, Shell said it will reduce the price of premium and unleaded gasoline by P1.80 per liter, diesel and kerosene by P1.00, and regular gasoline by P1.40. The price adjustments will take effect 12:01 a.m. of June 26.
Fernando L. Martinez, Eastern Petroleum Corp. chairman, said his company also will implement the same price adjustment.
"We are matching Shell's [price] level at [the] same time," he said.
Other companies have yet to announce any price change as this went online. Zenaida Monsada, director of the Department of Energy-Oil Management Bureau, earlier on Monday said retailer would reduce prices by as much as P2 this week.
Before the latest adjustment, fuel prices in Metro Manila retailed at P38.50 to P41.25 a liter for diesel and P45.45 to P53.07 for gasoline.
Diesel and gasoline prices have fallen by P3.76 and P2.12 a liter so far this year.
Local petroleum companies import more than 90 percent of the products they sell in the market.
Based on data from the Department of Energy, international prices have been weighed down by the euro zone debt crisis as well as a slowing global economy.
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