NextGen Day

Oil firms have declared they will lower gasoline prices beginning at midnight. Tuesday.

Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell each said separately that they would lower gasoline rates by PHP0.45 per liter and diesel prices by PHP1.45 per liter.

Kerosene costs will also be decreased by PHP1.70 per liter by Caltex, Seaoil, and Shell.

It’s anticipated that other oil firms would do the same.

Oil prices have been reduced for the second straight week by industry players.

With the price changes last week, the cost of petroleum increased by PHP26.90 for gasoline, PHP43.55 for diesel, and PHP37.65 for kerosene per liter for the entire year.

Although local prices continued to decline, Dubai crude closed last week’s trading week up 2.89 percent, selling at USD92.78 per barrel.

Due to concerns about demand, China’s limits to reduce the number of cases of coronavirus disease 2019 (Covid-19), and mounting worry about a recession, oil prices on the global market remain unpredictable.

On the other hand, hikes in gasoline costs have been brought on by Russian President Vladimir Putin’s threat to reduce oil and gas shipments to Europe.

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