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This week, the price of oil will be reduced.

MANILA, Philippines β€” On Tuesday, oil companies will execute price reductions, a week after another price increase owing to market volatility.

Pilipinas Shell, PTT Philippines, and Caltex issued advisories on Monday stating that gasoline prices will drop by PHP2.30 per liter and diesel prices will drop by PHP1.85 per liter.

Pilipinas Shell and Caltex have announced a PHP1.65 per liter price reduction on their kerosene products.

“Market premiums and CME (fuel additive) are marginally muted by gasoline price rollback; market premiums and CME (fuel additive) are slightly moderated by diesel market,” Pilipinas Shell stated in its advice.

Caltex’s price increase will take effect at 12:01 a.m. on Tuesday, while Pilipinas Shell and PTT Philippines’ will take effect at 6 a.m.

Oil price volatility has recently been fueled by concerns about Russia’s invasion of Ukraine, as well as demand conditions as economies recover from the pandemic.

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