MANILA, Philippines — Starting Tuesday, several oil companies, including Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell, will implement price reductions at the pump following a three-week period of rising costs.

In advisories released on Monday, these companies announced a decrease of 50 centavos per liter for gasoline, 70 centavos for diesel, and 85 centavos for kerosene. Other oil firms are expected to follow suit in adjusting their prices.

Over the past three weeks, gasoline prices have surged by PHP3.10 per liter, while diesel and kerosene have risen by PHP4.80 and PHP3.60 per liter, respectively. The upcoming price cuts, however, signal a potential easing of this recent upward trend.

Year-to-date figures from the Department of Energy (DOE) reveal that total adjustments for gasoline and diesel reflect net increases of PHP9.05 and PHP6.75 per liter, respectively. Kerosene, on the other hand, has experienced a net decrease of PHP2.75 per liter.

According to the DOE, current price ranges are as follows: gasoline is priced between PHP50.60 and PHP87.52 per liter, diesel ranges from PHP47.75 to PHP72.65, and kerosene is available at PHP69.89 to PHP80.74 per liter.

The reduction in prices comes in the wake of declining international oil prices, attributed to reduced demand stemming from China’s economic slowdown. This shift in the global market has influenced local pricing strategies, providing some relief to consumers.

📷 Petro Gazz