Lower fuel prices this week

FILE: An employee fills up a car’s fuel tank at a gasoline station in Davao City on Tuesday (Dec. 20, 2022). After four consecutive weeks of price cuts, oil firms implemented a big-time hike in pump prices – PHP2.90 per liter for diesel; PHP0.70 per liter for gasoline, and PHP1.65 per liter for kerosene – just five days before Christmas. (PNA photo by Robinson Niñal Jr.)

MANILA – Oil firms will reduce prices of diesel and kerosene on Tuesday.

In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil and Shell said they will slash diesel prices by PHP2.20 per liter.

Caltex, Seaoil and Shell will also cut kerosene prices by PHP2.50 per liter.

On the other hand, there will be no movement in prices of gasoline this week.

This will be the second consecutive week of price rollback on diesel and kerosene products.

Among the global developments that softened oil prices this week include the rising inventories in the United States and Europe, as well as the outlook on United States inflation report that could trigger another policy tightening by the Federal Reserve System.