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MANILA – Oil companies are set to adjust fuel prices by less than PHP1 per liter starting 12:01 a.m. Tuesday.
In separate advisories, Caltex, Cleanfuel, Petro Gazz and Seaoil said they will slash diesel prices by PHP0.20 per liter while increasing gasoline prices by PHP0.95 per liter.
Caltex and Seaoil will also hike kerosene prices by PHP0.50 per liter.
Firms increased oil prices last week, bringing a net increase of PHP24.40 per liter on gasoline prices, PHP34.50 per liter on diesel prices and PHP26.85 per liter since the start of the year.
In a recent blog, the World Bank said global oil prices remain volatile amid demand woes and tight supply.
“Crude oil prices have fallen by about one-third from their June highs but remain extremely volatile. Slowing global growth and concerns about a global recession have thus far outweighed worries about insufficient oil supply,” it said. 
The World Bank forecasted the global average price of oil next year at USD92 per barrel, lower than the projected average price for end-2022 at USD100 per barrel.
It said that despite the slowing down oil price forecast for 2023, it will remain above the five-year average of USD60 per barrel.
“For supply, these include EU (European Union) sanctions on Russia and the G7 oil price cap, OPEC+ production capacity, the outlook for US (United States) shale oil, and the use and refilling of strategic oil inventories. For demand, they include a potential global recession and the easing of Covid-19 (coronavirus disease 2019) restrictions in China,” it added. (PNA)