NextGen Day

MANILA, Philippines — Oil firms finally announced big-time rollbacks for gasoline goods after 11 weeks of price hikes and major increments in recent weeks.

Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Total, Seaoil, and Shell announced that starting Tuesday morning, gasoline prices will be reduced by PHP5.45 per liter and diesel prices will be reduced by PHP11.45 per liter.

Caltex, Seaoil, and Shell have all stated that kerosene prices will be reduced by PHP8.55 per liter.

It’s likely that other energy firms would follow suit.

Last week, Department of Energy Secretary Alfonso Cusi predicted that oil prices will fall this week due to a drop in demand in China and ongoing cease-fire talks between Ukraine and Russia.

According to Cusi, oil trade last week dropped below USD110 per barrel, compared to a previous trading price of roughly USD122 per barrel.

According to data from Investing.com, Dubai crude prices fell from Monday to Wednesday last week. It began to gain traction last Thursday and finished Friday’s trading at a higher price.

Following the massive oil price hikes on Tuesday, year-to-date fuel price revisions have been PHP20.35 per liter for gasoline, PHP30.65 per liter for diesel, and PHP24.90 per liter for kerosene.

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