MANILA – Oil companies will be implementing big-time price rollbacks on diesel and kerosene products starting 12:01 a.m. Tuesday, while there will be no movement for gasoline prices this week.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil said they will slash diesel prices by PHP4.15 per liter.
Caltex, Seaoil, and Shell will also cut kerosene prices by PHP4.45 per liter.
Prices of diesel and kerosene have been declining for three consecutive weeks.
Worries about recession and demand continue to be the main driver of falling oil prices in the world market.
On the other hand, a strong dollar is putting pressure on petroleum prices.
As of this writing, Brent crude increased by 0.53 percent, while West Texas Intermediate went up by 0.33 percent trading at USD91.83 per barrel and USD85.39 per barrel, respectively.
Since the start of the year, gasoline prices had a net increase of PHP26.45 per liter, PHP42.10 per liter on diesel prices, and PHP35.95 per liter on kerosene prices. (PNA)