Oil firms announce price rollback
Oil companies will reduce fuel prices on Tuesday after five weeks of price hikes, according to a report by Philippine News Agency.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell said they will slash gasoline prices by PHP0.60 per liter and PHP0.10 per liter for diesel.
Caltex, Seaoil, and Shell will also cut kerosene prices by PHP0.40 per liter.
Other oil firms are expected to follow suit.
Data from the Department of Energy showed that current retail pump prices ranged from PHP56.30 to PHP81.58 per liter for gasoline, PHP52.90 to PHP83.56 per liter for diesel, and from PHP72.85 to PHP84.28 per liter for kerosene.
Since the start of the year, gasoline prices have risen by PHP5 per liter, diesel by PHP3.40 per liter, and kerosene by PHP2.25 per liter.
However, global oil price benchmarks have declined at the start of this week’s trading.
Brent crude traded lower by 0.38 percent to USD81.88 per barrel and West Texas Intermediate also down by 0.39 percent to USD76.54 a barrel.
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