LOCAL oil companies rolled back pump prices on Tuesday, April 30, 2024.

Shell, Seaoil, Cleanfuel, PetroGazz, Jetti Petroleum, Caltex, PTT, Unioil and Flying V dropped the price of gasoline by 25 centavos per liter and diesel by 45 centavos per liter.

Kerosene had the biggest price cut at 90 centavos per liter.

The Department of Energy's Oil Industry Management Bureau said the reduction in prices was attributable to the easing Israel-Iran conflict, the delayed US Federal Reserve rate cut, and several global economic indicators like the shrinking of China's Consumer Price Index and the downtrend in US durable goods data.

Since April 23, the price of diesel has dropped by 95 centavos and kerosene by P1.10. Gasoline prices have risen by 55 centavos.

For the year, all fuel prices have gone up, with gasoline by P10.25, diesel by P6.05 and kerosene by P1.15.

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