MANILA — Motorists will welcome a significant drop in fuel prices starting Tuesday, as announced by major oil companies in the Philippines. This adjustment is set to decrease gasoline prices by PHP2.45 per liter and diesel by PHP1.90 per liter, providing relief to consumers amid fluctuating global oil markets.
According to Philippines News Agency, Petro Gazz, Seaoil, and Shell, the reduction in prices is a response to various international factors affecting oil costs. Additionally, Caltex, Seaoil, and Shell will reduce kerosene prices by PHP2.40 per liter. The move is anticipated to be mirrored by other oil firms in the region. The Department of Energy attributed last week's global price fluctuations to concerns over diminished consumption in China and a deteriorating outlook for the global economy. The Philippine peso's appreciation against the US dollar also played a role in enabling lower local oil prices this week.
The DOE further elaborated on the year-to-date adjustments in fuel prices, noting a net increase of PHP9.50 per liter for gasoline and PHP6.65 per liter for diesel. Conversely, kerosene has seen a net decrease of PHP0.75 per liter over the same period.