Oliver 17 0 0 3 min to read

A major oil price reduction is planned for this week.

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Starting Tuesday at 12:01 a.m., consumers and drivers may expect significant price reductions on gasoline products.

In separate announcements, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell announced price reductions for gasoline and diesel of PHP1.70 per liter and PHP3.40 per liter, respectively.

Kerosene prices will also be reduced by PHP4.40 per liter by Caltex, Seaoil, and Shell.

Despite the announcement by the Organization of Petroleum Exporting Countries and its Allies (OPEC+) to stick to its current plan of output reduction until next year, oil companies have reduced prices for the fourth consecutive week.

Following a Monday sell-off at an 80-dollar level, West Texas Intermediate and Brent crude oil are trading at the 70-dollar level.

Additionally, Dubai crude dropped to the USD70 mark last week after trading at USD80.10 per barrel on December 2.

Petrol, diesel, and kerosene prices in the domestic market all saw net hikes of PHP25.40, PHP35, and PHP29.60 per liter, respectively.

According to last week’s monitoring by the energy department, the cost of gasoline in Metro Manila ranges from PHP54 to PHP78.82 per liter, the cost of diesel from PHP61.08 to PHP78.85 per liter, and the cost of kerosene from PHP74 to PHP84.15.

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