Oil firms lower pump prices

OIL companies lowered the prices of gasoline by P2 per liter on May 14, 2024.The prices of diesel went down by 50 centavos per liter and kerosene by 85 centavos per liter.The Department of Energy's Oil Industry Management Bureau attributed the price drop to increases in US crude inventories, a stronger dollar and Hamas officials accepting a new ceasefire proposal for Gaza.Despite the rollbacks, the price of gasoline has gone up by P9.25 this year and diesel by P4.70.The price of kerosene has dropped by 80 centavos this year.