(PNA file photo)
MANILA – Oil companies announced that they will slash fuel prices starting Tuesday morning, with the oil price rollback now on its second week.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will decrease diesel prices by PHP0.35 per liter and PHP1 per liter on gasoline.
Caltex, Seaoil, and Shell will also cut kerosene prices by PHP3 per liter.
Since the start of the year, oil prices have remained elevated, with the global benchmark exceeding the USD100-per-barrel mark mainly due to geopolitical tensions from the Ukraine-Russia conflict.
Oil industry experts said the decline in global oil prices was backed by the announcement of International Energy Agency’s (IEA) member nations to release 60 million barrels in the next six months and the continued pandemic-related lockdowns in China.
With the price rollbacks in the local market last week, year-to-date net increase for diesel prices stood at PHP26 per liter, PHP16 per liter for gasoline, and PHP24.1 per liter for kerosene. (PNA)
