MANILA, Philippines —The five-week streak of fuel price hikes will end on Tuesday, Feb. 13, as global demand eased.
In separate advisories on Monday, local oil firms said they would cut the price per liter of gasoline by P0.60 and diesel by a measly P0.10. The price of kerosene will likewise be cut by P0.40 per liter.
Shell and Seaoil will implement the price adjustments by 6 a.m., followed by CleanFuel at 4:01 p.m.
Rodela Romero, director of the Department of Energy Oil Industry Management Bureau, attributed the rollbacks to the increase in US oil production and “slowing oil demand growth.”
She clarified, however, that the continued production cut of major oil exporters may still impact fuel prices.
READ: Oil prices gain after OPEC+ maintains output cuts
To recall, the Organization of the Petroleum Exporting Countries is still cutting production by 2.2 million barrels per day. This is expected to extend until the end of the first quarter.
READ: Fuel prices to increase by up to P1.50 per liter on Feb 6
Last week, motorists saw prices rise by P0.75 per liter for gasoline and P1.50 per liter for diesel. The price of kerosene also climbed by P0.80 per liter.