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This week, the price of oil will decline.

Oil firms will lower gasoline prices on Tuesday after two weeks of significant price increases.

Cleanfuel, Petro Gazz, Seaoil, and Shell each said separately that they will reduce gasoline prices by PHP0.35 per liter and diesel costs by PHP1.10 per liter.

Kerosene costs will also be reduced by PHP0.45 per liter by Seaoil and Shell.

The same is anticipated from other oil companies.

Local oil prices have increased by PHP2 per liter for gasoline, PHP9.55 per liter for diesel, and PHP6.40 per liter for kerosene in response to the Organization of the Petroleum Exporting Countries and its Allies’ (OPEC+) announcement that they will reduce oil output by two million barrels per day, the largest cut since the start of the coronavirus disease 2019 pandemic.

Industry insiders predict that OPEC+ will start reducing supply next month, pushing up oil prices to the $100 mark.

125 dollars were paid per barrel in June of this year.

Despite the anticipated output reduction, Brent crude dropped by 0.28 percent to USD93.22 per barrel and West Texas Intermediate declined by 0.24 percent to USD84.85 per barrel as of this writing.

China’s declaration that it will retain its zero-Covid policy will continue to have an impact on the growth in oil demand even though there is still concern about a potential recession.

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