Fuel prices cut by up to P1.50/liter today

MANILA, Philippines, August 12 ------ Following recent increases, pump prices of petroleum products are poised to decline by as much as P1.50 per liter today.

In separate advisories, Shell and Seaoil announced price cuts of P0.40, P1.50 and P1.30 per liter for gasoline, diesel and kerosene, respectively. Jetti, Petro Gazz, Cleanfuel and PTT Philippines would apply the same adjustments, except for kerosene, which they do not offer. Caltex, meanwhile, is set to implement a rollback of P0.40 per liter for gasoline and P1 per liter for both diesel and kerosene prices.

The latest adjustments, which ended a four-week uptrend for diesel and kerosene, followed the increase in OPEC+ production and the continued uncertainties surrounding US tariff policies. “Recent developments that raised expectations for a diplomatic end to the war in Ukraine have also caused oil prices to weaken further,” Jetti president Leo Bellas said. “Putting pressure on Asian diesel and gasoline price markers is the increasing supply from China as Chinese refiners ramp up production,” Bellas added.

Last week, oil firms hiked gasoline, diesel and kerosene prices by P1.90, P1.20 and P1 per liter, respectively.

Source: philstar.com