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Oil prices are projected to fall by a ‘modest’ amount this week.

MANILA, Philippines — Beginning Tuesday, oil companies will execute a rollback on fuel goods.

Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell each issued separate advisories announcing that diesel prices will be reduced by PHP1.15 per liter and gasoline prices will be reduced by PHP0.65 per liter.

Kerosene prices will be reduced by PHP1.15 per liter by Caltex, Seaoil, and Shell.

Oil firms will grant a reversal after increasing prices in little increments for the past two weeks, culminating in a massive price spike on Tuesday.

Petroleum prices have increased by PHP17.70 per liter for gasoline, PHP30.35 per liter for diesel, and PHP24.10 per liter for kerosene during the last four months, thanks to the price hike last week.

The ongoing Russia-Ukraine war, restrictions on Russian oil, crude oil demand from China, which is implementing pandemic-related lockdowns, and the inability to further ramp up output, according to Department of Energy (DOE) Undersecretary Gerardo Erguiza Jr., make global oil prices volatile.

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