Oil prices in the country will decrease this week, as oil companies slash prices of gasoline, and kerosene, with diesel products having a big-time price rollback, starting Tuesday.
This comes as oil firms Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell said in separate announcements that their diesel prices will be decreased by PHP3.10 per liter.
Moreover, the oil firms also added that they will also reduce gasoline prices by PHP0.40 per liter, and kerosene prices by PHP2.10 per liter.
The big-time oil price rollback on diesel, however, is lower than that of the oil price hike of diesel last week which was set to PHP4.20 per liter.
The latest oil price rollbacks will take effect on Tuesday at 12:01 a.m., with other oil firms expected to make similar adjustments to their oil prices.
The fluctuating oil prices in the country are still attributed to the volatile global oil market, still caused by the ongoing Russian invasion of Ukraine.
Year-to-date price increase for gasoline currently stands at a net increase of PHP21.25 per liter, diesel at a net increase of PHP33.40 per liter, and kerosene at a net increase of PHP28.80 per liter. (GFB)