Oil Prices Set to Drop After 5 Weeks of Increases

Oil companies to reduce fuel prices on Tuesday, following five consecutive weeks of price increases.

Oil prices in Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell are expected to roll back to PHP 0.60 per liter of gasoline and PHP 0.10 per liter of diesel.

Meanwhile, Caltex, Seaoil, and Shell are also set to lower kerosene prices by PHP 0.40 per liter.

Other oil companies are also expected to roll back their prices.

The Department of Energy said the current pump prices are PHP56.30 to PHP 81.58 per liter for gasoline, PHP 52.90 to PHP 83.56 per liter for diesel, and PHP 72.85 to PHP 84.28 per liter for kerosene.

Starting in 2024, consumers have experienced a consistent upward trend in gasoline prices, which have risen by PHP5 per liter. Diesel prices have also increased by PHP3.40 per liter, and kerosene prices have steadily climbed by PHP2.25 per liter.

However, global oil price benchmarks have declined at the start of this week’s trading.

Brent crude is down by 0.38% to USD 81.88 per barrel, while West Texas Intermediate has also seen a 0.39 percent decrease to USD 76.54 a barrel. (ASC)