MANILA: Oil companies will reduce fuel prices on Tuesday, implementing rollbacks for diesel and kerosene prices for four straight weeks.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell said they will slash gasoline prices by 10 centavos per liter and 20 cents per liter for diesel.
Caltex, Seaoil, and Shell will also cut kerosene prices by 45 cents per liter.
Other oil firms are expected to follow suit.
Data from the Department of Energy (DOE) showed that current retail pump prices ranged from PHP54 to PHP88.07 per liter for gasoline, PHP51 to PHP76.15 per liter for diesel, and from PHP72.34 to PHP83.70 per liter for kerosene.
‘Year-to-date, total adjustment of gasoline and diesel stands at a net increase of PHP9.60 per liter and PHP6.85 per liter, respectively. On the other hand, kerosene has a total net decrease of PHP0.30 per liter,’ the DOE said.
Earlier, the DOE said weaker oil prices this week is mainly due to easing demand from China and Organization of Petroleum Ex
porting Countries’ plan to pump more output in the global market.
Source: Philippines News Agency