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Starting at 12:01 a.m. on Tuesday, oil companies are expected to reduce fuel prices by less than PHP1 per liter.

Caltex, Cleanfuel, Petro Gazz, and Seaoil all said separately that they will reduce diesel costs by PHP0.20 per liter while raising gasoline prices by PHP0.95 per liter.

Kerosene prices would also increase by PHP0.50 per liter at Caltex and Seaoil.

Last week, businesses raised oil prices, resulting in a net increase of PHP24.40 per liter for gasoline, PHP34.50 per liter for diesel, and PHP26.85 per liter since the year’s beginning.

The World Bank stated in a recent blog that despite weak demand and limited supply, oil prices are still volatile globally.

“The price of crude oil has decreased by around one-third from its peak in June, but it is still very erratic. Concerns about a shortage of oil have thus far been overwhelmed by anxieties about slowing global growth and fears of a worldwide recession, it said.

The World Bank predicted that the average price of oil will be USD 92 per barrel globally in 2019, which is less than the estimated average price of USD 100 per barrel by the end of 2022.

It said that even though the oil price projection for 2023 was slowing down, it would still be higher than the five-year average of USD60 per barrel.

“For supply, they include the use and replenishment of strategic oil reserves, EU sanctions against Russia, the G7 oil price cap, OPEC+ production capacity, and the forecast for US shale oil. They include a probable global economic downturn and loosening Covid-19 (coronavirus disease 2019) limitations in China for demand,” it continued.

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