Motorists will see a slight decrease in fuel prices starting Tuesday, as oil companies adjust their rates downward.
Shell Pilipinas and Seaoil have announced that the price of diesel will fall by 20 centavos per liter, while kerosene will be reduced by 45 centavos per liter. Gasoline prices will also drop by 10 centavos per liter. This marks the fourth consecutive week of price reductions for diesel and kerosene.
Rodela Romero, Director III of the Department of Energy‘s Oil Industry Management Bureau, explained that the price drop is due to reduced demand from China and OPEC+’s plans to increase global oil supplies. However, crude oil futures have risen recently due to heightened geopolitical risks in the Middle East and lower US crude inventories.