MANILA, Philippines, March 4 ------ Oil companies are set to reduce fuel prices by up to P1.40 per liter today, while liquefied petroleum gas (LPG) prices will also see a decline this month. In separate advisories, Shell, Caltex and Seaoil announced a rollback of P0.90 per liter for gasoline, P0.80 per liter for diesel and P1.40 per liter for kerosene. Meanwhile, Petro Gazz, Cleanfuel, PTT Philippines and Jetti will implement the same adjustments, except for kerosene, which they do not offer.
The price rollback brings the year-to-date net increase for gasoline, diesel and kerosene to P3.85, P3.95 and P1.50 per liter, respectively. According to the Department of Energy, the price adjustments are attributed to recent global oil market developments, including a potential rise in supply, weakening demand and easing geopolitical tensions. Last week, gasoline, diesel and kerosene prices increased by P0.70, P0.40 and P0.20 per liter, respectively.
Similarly, prices of Petron and Solane-branded LPG products are poised to go down by P1.20 and P1.19 per kilo, respectively, in March. “This reflects the international contract price of LPG for the month of March,” Petron said in an advisory over the weekend. Last month, Petron and Solane hiked LPG prices by P0.70 and P0.73 per kilo, respectively.
Source: philstar.com
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