NextGen Day

Starting at 1:00 a.m. on Tuesday, oil firms will lower pump prices after three weeks in a row of price rises.

Caltex, Clean Fuel, Petro Gazz, Seaoil, and Shell announced a rollback in gasoline prices of PHP2.10 per liter and PHP3 per liter for diesel in separate advisories.

The cost of kerosene will also be decreased by PHP2.30 per liter by Caltex, Seaoil, and Shell.

The same price adjustments should be implemented by other oil firms.

The US Federal Reserve System is anticipated to raise interest rates once more as a result of the excellent US jobs statistics and the rising US oil stocks, which have had an impact on price adjustments in the global market.

According to US figures, the country’s crude stockpiles rose by 4.1 million barrels as of January 27.

Brent crude and West Texas Intermediate both saw their prices fall by USD2.23 and USD2.49 per barrel, respectively, last week.

Since the beginning of 2023, domestic oil players have raised the prices of gasoline, diesel, and kerosene by PHP7.2 per liter, PHP3.05 per liter, and PHP4.55 per liter, respectively.

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