Minor Oil Price Cut Implemented Across the Philippines

MANILA – Local oil prices will see a reduction of less than one peso per liter starting Tuesday morning, according to announcements from major fuel providers.

According to Philippines News Agency, Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, and Shell have all declared a rollback of 75 centavos per liter for gasoline and 85 centavos for diesel products. Additionally, Caltex, Seaoil, and Shell will also reduce kerosene prices by 80 centavos per liter. These changes follow last week’s mixed price adjustments. The Department of Energy’s (DOE) latest data indicates a net increase year-to-date of PHP10.35 per liter for diesel, PHP7.75 for gasoline, and PHP0.50 for kerosene. The recent drop in global oil prices, driven by diminished demand from China and eased tensions between Iran and Israel, has influenced these local price adjustments. Despite the price freeze in calamity-stricken areas due to Super Typhoon Carina and the southwest monsoon, oil companies will proceed with a kerosene rollback, as per DOE Oil Industry Management Bureau Director Rodela Romero.