Big-time oil price rollback set Tuesday

Caltex, Seaoil and Shell will also roll back kerosene prices by PHP2.40 per liter. (PNA file photo by Ben Briones)

By Kris Crismundo, Philippine News Agency

MANILA – Motorists and consumers can expect lower fuel prices starting Tuesday morning.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, Seaoil and Shell said they will slash gasoline prices by PHP2.45 per liter and diesel prices by PHP1.90 per liter.

Caltex, Seaoil and Shell will also roll back kerosene prices by PHP2.40 per liter.

Other oil companies are expected to follow suit.

The Department of Energy (DOE) last week said global oil prices were mostly influenced by the growing concerns on weak consumption in China and “a worsening outlook for global economy.”

The appreciation of the Philippine peso against the US dollar also backed the lower oil prices this week, it added.

“Year-to-date, total adjustment of gasoline and diesel stands at a net increase of PHP9.50 per liter and PHP6.65 per liter, respectively. On the other hand, kerosene has a total net decrease of PHP0.75 per liter,” the DOE said.