Oil companies to reduce prices by almost P2 per liter

INQUIRER FILE PHOTO

After last week’s increases, fuel retailers will slash the prices of petroleum products by as much as P1.55 a liter beginning Tuesday.

In separate advisories on Monday, Seaoil, PetroGazz, CleanFuel, Caltex, and Shell Pilipinas said the price of gasoline would decrease by P1.55 a liter.

Kerosene and diesel, meanwhile, would also see a reduction of P1.40 and P1.30 per liter, respectively.

Rodela Romero, director of the Department of Energy’s (DOE) Oil Industry Management Bureau, said the price decline could be attributed to the “sluggish” demand from China and the United States, and the OPEC+’s plan to increase oil production.

OPEC+ is made up of the Organization of the Petroleum Exporting Countries and allies led by Russia.