Several oil companies are set to lower their prices on Tuesday, according to recent announcements. Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell will each reduce gasoline prices by PHP1.55 per liter and diesel prices by PHP1.30 per liter.
Additionally, Caltex, Seaoil, and Shell will decrease kerosene prices by PHP1.40 per liter.
Other local oil companies are likely to implement similar price cuts.
Last week, oil firms raised pump prices by less than PHP1 per liter.
Following these changes, data from the Department of Energy (DOE) indicates that year-to-date price increases have been PHP7.40 per liter for gasoline and PHP4.35 per liter for diesel. In contrast, kerosene prices have decreased by PHP3.30 per liter so far this year.
Current DOE data shows that gasoline prices range from PHP51.80 to PHP85.87 per liter, diesel prices from PHP48 to PHP71.70 p