NextGen Day

Oil firms have announced that they will lower pump prices once more on Tuesday.

Caltex, Cleanfuel, Eastern Petroleum, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil all announced price reductions for gasoline and diesel on Monday in separate announcements.

Kerosene prices will also be decreased by PHP1.35 per liter by Caltex, Seaoil, and Shell.

As early as 12:01 a.m., the price rollback will start.

This is the fourth week in a row that businesses have reduced the price of diesel and kerosene.

Last week, there were no changes to gasoline prices.

Oil prices reached an eight-month low on Friday due to a strong dollar and decreased oil demand because of recessionary fears.

Brent crude and West Texas Intermediate prices have decreased by about 1% to USD85.38 and USD78.03 per barrel, respectively, as of this writing.

On the other hand, Dubai crude last week traded 1.26 percent lower at USD91.02 per barrel.

Following last week’s pricing changes, local kerosene and diesel prices saw net increases of PHP31.50 and PHP37.95 per liter, respectively.

Since the beginning of the year, there has been a net increase in gasoline prices of PHP26.45.

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