By Kris Crismundo | Philippine News Agency
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 P54 to P88.07 per liter for gasoline, P51 to P76.15 per liter for diesel, and from P72.34 to P83.70 per liter for kerosene.
“Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P9.60 per liter and P6.85 per liter, respectively. On the other hand, kerosene has a total net decrease of P0.30 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 Exporting Countries’ plan to pump more output in the global market.