NextGen Day

Starting at 1:00 a.m. on Tuesday, oil companies will drastically reduce the price of their diesel and kerosene products; however, gasoline prices won’t change this week.

Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil said separately that they would reduce diesel costs by PHP4.15 per liter.

Kerosene costs will also be decreased by PHP4.45 per liter by Caltex, Seaoil, and Shell.

Kerosene and fuel prices have been falling for three weeks in a row.

The fundamental cause of declining oil prices on the global market is concern about the recession and demand.

On the other hand, oil prices are under pressure due to the high dollar.

As of the time of writing, West Texas Intermediate was up 0.33 percent, and Brent crude was up 0.53 percent, trading at USD85.39 per barrel and USD91.83 per barrel, respectively.

Since the beginning of the year, the cost of gasoline has increased by PHP26.45 per liter, the cost of diesel by PHP42.10 per liter, and the cost of kerosene by PHP35.95 per liter.

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