NextGen Day

Following significant price increases last week, oil companies will make only minor price reductions on fuel items.

Cleanfuel, Petro Gazz, Seaoil, and Shell will reduce the cost of gasoline by PHP0.35 per liter and diesel by PHP0.10 per liter as of Tuesday at 12:01 a.m.

Kerosene prices will also be reduced by PHP0.30 per liter by Seaoil and Shell.

It’s predicted that more businesses would do the same.

Industry participants raised fuel prices by as much as PHP1.40 per liter for diesel last week.

Since the beginning of the year, gasoline has increased by a net amount of PHP10.20 per liter, while diesel has increased by a net amount of PHP0.35 per liter.

On the other hand, since the beginning of 2023, kerosene prices have decreased by PHP2.35 per liter.

Monday saw a more than USD1 drop in the price of a barrel of oil due to economic uncertainty in China.

Brent crude was trading at USD75.76 per barrel at the time of writing, while West Texas Intermediate was trading at USD70.97 per barrel.

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