Oil prices to drop further on June 11

MANILA, Philippines – Oil prices will go down for the 3rd consecutive week on Tuesday, June 11, as oil-producing countries continue to cut back on supply.

Seaoil, Shell, and Petro Gazz said in separate advisories that they will reduce gasoline prices by P2.45 per liter and diesel by P2.70 per liter.

Kerosene, which Petro Gazz does not carry, will see a reduction of P2.60 per liter.

Petro Gazz and Shell will implement the new rates at 6 am on Tuesday, while Seaoil will adjust earlier at 12:01 am.

Other companies are expected to follow the same rates.

The price rollback also comes at a time when the peso strengthened, trading at P52.04 against the dollar as of Friday, June 7.

Year-to-date adjustments now stand at P3.05 for gasoline, P2 for diesel, and P0.40 for kerosene. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.