After three straight weeks of fuel price hikes, oil companies are implementing a decrease in petroleum prices beginning Tuesday, October 22.
Caltex, Seaoil, Unioil and Shell announced they would cut gasoline prices by 50 centavos per liter, diesel by 70 centavos per liter, and kerosene by 85 centavos per liter. With these oil firms starting the motion, other oil firms are expected to follow.
Cleanfuel and Petro Gazz implement the same deductions, excluding kerosene since they do not carry kerosene products.
These rollbacks are effective 6 AM on Tuesday, Oct. 22.
According to Department of Energy (DOE) data, the previous price range before the price cuts for gasoline was P50.60 to P87.52, P47 to P72.65 per liter of diesel, and P6989 to P80.74 per liter of kerosene.
“Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P9.05 per liter and P6.75 per liter, respectively. On the other hand, kerosene has a total net decrease of P2.75 per liter,” the DOE said.
Director of the DOE Oil Industry Management Bureau Rodela Romero said that the price cuts could be attributed to the “de-escalating” conflict in the Middle East.
