MANILA -The first week of 2024 is starting off with rollbacks in the pump prices of petroleum products as output from major oil exporters is expected to remain steady.
In separate advisories on Monday, local oil firms said they would slash the prices of gasoline by P0.10 per liter and diesel by P0.35 per liter on Tuesday, Jan. 2.
The price of kerosene will likewise decline by P1.40 per liter.
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CleanFuel and Caltex will implement the price adjustments by 12:01 a.m., followed by Seaoil and Petro Gazz at 6 a.m.
The Department of Energy Oil Industry Management Bureau had cited the easing of concerns over shipping disruptions as the main reason behind the price cuts.
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Russia’s oil output is also expected to “hold steady” in 2024, the agency said.