MANILA – After 11 straight weeks of fuel price hikes and with significant increments in the past weeks, oil companies finally announced big-time rollbacks for petroleum products.
 
Starting Tuesday morning, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Total, Seaoil, and Shell said they will reduce gasoline prices by PHP5.45 per liter and PHP11.45 per liter for diesel.
 
Caltex, Seaoil, and Shell said they will also cut kerosene prices by PHP8.55 per liter.
 
Other oil companies are expected to follow suit.
 
Last week, Department of Energy (DOE) Secretary Alfonso Cusi projected that oil prices this week will decrease amid the slowdown in oil demand due to lockdown in China and cease-fire negotiations between Ukraine and Russia.
 
Cusi added oil trade last week went down to below USD110-per-barrel level from the previous trading price of around USD122 a barrel.
 
Data from Investing.com show that Dubai crude prices logged declines from Monday to Wednesday trading last week. It started to pick up last Thursday and ended Friday’s trading at a higher price.
 
With the big-time oil price hikes last Tuesday, year-to-date price adjustments on fuel products stood a net increase of PHP20.35 per liter for gasoline, PHP30.65 per liter for diesel, and PHP24.90 per liter for kerosene. (PNA)