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This week, fuel prices fell one more.

Diesel and kerosene prices will be reduced at the pump this week, continuing a five-week streak of price reductions.

Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell, among other oil companies, said that they would lower gasoline prices by PHP0.40 per liter and diesel prices by PHP0.45 per liter.

Kerosene costs will also be decreased by PHP0.85 per liter by Caltex, Seaoil, and Shell.

It is anticipated that other business players would do the same.

Tuesday at 12:01 am will see the price reduction go into effect.

Following the price changes put into effect a week ago, the net rise in gasoline prices for this year was PHP24.80 per liter, PHP36.40 for diesel, and PHP30.15 for kerosene.

As the Organization of the Petroleum Exporting Countries and its Allies (OPEC+) prepare to reduce production to counteract the declining oil prices, industry experts anticipate higher oil prices in the coming days.

OPEC+ is planning on pumping less than 1 million barrels per day before its summit this week.

West Texas Intermediate was trading up by 2.78 percent to USD81.70 per barrel as of publishing, while Brent crude climbed by 2.64 percent to USD87.39 per barrel.

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