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MANILA – Oil companies will implement another round of rollbacks on fuel prices on Tuesday.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil and Shell said they will slash diesel prices by PHP3.95 per liter and PHP0.85 per liter on gasoline prices.
Caltex, Seaoil and Shell will also cut kerosene prices by PHP2.65 per liter.
Other oil firms are expected to follow suit.
The oil prices rollbacks will start at 12:01 a.m. of Tuesday.
According to industry sources, crude oil prices in the global market declined in the past three weeks despite the output cut this month by the Organization of the Petroleum Exporting Countries and its allies (OPEC+).
Worries on demand due to coronavirus disease 2019 (Covid-19) cases in China and its government’s zero-Covid policy remain the main reason for the falling oil prices.
With the price rollbacks last week, net adjustments on fuel prices this year stood at +PHP28.20 per liter for gasoline, +PHP40.85 per liter for diesel, and +PHP 33.90 for kerosene. (PNA)
