NextGen Day

As of Tuesday, oil firms will begin a significant rollback, which will likely relieve motorists.

Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell each said separately that they would lower diesel prices by PHP2.20 per liter and gasoline prices by PHP2.10 per liter.

Prices for kerosene will be reduced by PHP2.55 per liter by Caltex, Seaoil, and Shell.

Diesel and kerosene prices have been reduced by oil companies for the fourth week in a row.

Industry experts claim that a negative demand outlook was the primary cause of the decrease in oil prices on the global market.

In July, the manufacturing purchasing managers’ index (PMI), a measure of a nation’s manufacturing performance, declined in the US, China, and Japan.

Global economic uncertainty has an impact on petroleum product demand as well.

The Organization of Petroleum Exporting Countries (OPEC) and its partners, on the other hand, decided to increase production in September by 100,000 barrels per day.

With the price adjustments made last week, the net price increases for petroleum products since the year’s beginning were PHP29.60 for gasoline, PHP39.35 for diesel, and PHP33.35 for kerosene.

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