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Massive price reductions on kerosene and petrol on November 22
Starting on Tuesday, oil companies will implement significant price reductions for diesel and kerosene as well as a price reduction of fewer than 50 centavos for gasoline.
Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT, Seaoil, and Shell each said separately that they will lower the price of gasoline by PHP0.40 per liter and the price of diesel by PHP2.15 per liter.
Kerosene prices will also be reduced by PHP2.10 per liter by Caltex, Seaoil, and Shell.
It’s anticipated that other oil players would do the same.
For the sixth week in a row, oil companies will lower the price of diesel.
Since the beginning of the year, the net price rise for gasoline was PHP28.60 per liter, PHP43 for diesel, and PHP36 for kerosene.
As concerns about rising petroleum product demand result from the coronavirus disease 2019 (Covid-19) outbreak in China, where the government has continued to enact its “zero-Covid” policy, oil prices have remained unpredictable.
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