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MANILA – Oil companies will implement price cuts on Tuesday, with big-time rollback on gasoline prices.
Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil and Shell announced that they will reduce gasoline prices by PHP1.40 per liter and diesel prices by PHP0.70 per liter.
Caltex, Seaoil and Shell will implement a minimal reduction in kerosene prices at PHP0.20 per liter.
Other oil companies are expected to follow suit.
Economic and interest rate uncertainties continue to weigh on global oil prices despite the Organization of Petroleum Exporting Countries (OPEC) earlier announcing that they will be pumping less petroleum in the coming months.
With the price adjustments last week, gasoline prices have gone up by PHP11.05 per liter since the start of the year while diesel prices increased by PHP0.65 per liter.
Kerosene prices were lower by PHP1.05 per liter. (PNA)
