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MANILA – Oil companies will implement minimal price cuts on fuel products after big-time hikes last week.
Starting 12:01 a.m. Tuesday, Cleanfuel, Petro Gazz, Seaoil, and Shell will slash gasoline prices by PHP0.35 per liter and diesel by PHP0.10 per liter.
Seaoil and Shell will also roll back kerosene prices by PHP0.30 per liter.
Other companies are expected to follow suit.
Last week, industry players adjusted fuel prices as much as PHP1.40 per liter for diesel.
With the movement in prices last week, gasoline prices since the start of the year posted a net increase of PHP10.20 per liter while diesel a net increase of PHP0.35 per liter.
On the other hand, kerosene prices were lower by PHP2.35 per liter since the start of 2023.
On Monday, global oil prices declined by more than USD1 a barrel amid uncertainties in China’s economy.
As of writing, West Texas Intermediate was trading at USD70.97 per barrel while Brent crude was trading at USD75.76 per barrel. (PNA)
