MANILA - Oil companies in the Philippines have announced a reduction in fuel prices effective Tuesday, following substantial increases in the previous week.
According to Philippines News Agency, major fuel providers including Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, Shell, and Unioil will reduce gasoline prices by PHP0.70 per liter and diesel prices by PHP0.95 per liter starting 12:01 a.m. Additionally, Caltex, Seaoil, and Shell will decrease kerosene prices by PHP1.10 per liter.
DOE Director Rino Abad, in a recent radio interview, attributed the price adjustments to the potential recession in significant global economies, which could reduce the demand for oil, thus affecting global oil prices. Last week's price adjustments saw gasoline prices increase by as much as PHP1.60 per liter. Since the beginning of the year, the net increase in fuel prices has reached PHP6.54 per liter for gasoline, PHP4.40 per liter for diesel, and PHP2.90 per liter for kerosene.