NextGen Day

MANILA, Philippines — With the oil price rollback now in its second week, oil companies have announced that they will lower fuel prices starting Tuesday AM.

Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell each issued separate warnings stating that diesel prices will be reduced by PHP0.35 per liter and gasoline prices will be reduced by PHP1 per liter.

Kerosene prices will be reduced by PHP3 per liter by Caltex, Seaoil, and Shell.

Oil prices have stayed high since the beginning of the year, with the global benchmark surpassing the USD100-per-barrel barrier, owing to geopolitical tensions stemming from the Ukraine-Russia war.

The announcement by International Energy Agency (IEA) member countries to release 60 million barrels in the next six months, as well as the prolonged pandemic-related lockdowns in China, according to oil industry experts.

Following last week’s price reductions in the local market, the year-to-date net gain for diesel was PHP26 per liter, PHP16 per liter for gasoline, and PHP24.1 per liter for kerosene.

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