Oil firms cut fuel prices after last week’s hike
MANILA, Philippines — Local fuel prices decreased by as much as P3 per liter on Tuesday, a week after they went up by P1 to P1.35.
In separate advisories, oil companies announced cuts in the prices per liter of gasoline (P2.10), diesel (P3) and kerosene (P2.30).
Rino Abad, director of the Department of Energy’s Oil Industry Management Bureau, said last week that pump prices might decline as the demand for petroleum products usually goes down in the first quarter of the year.
Also expected to pull local oil prices down were China’s recovery from the pandemic and another US interest hike, he added.
This week’s downward adjustment in fuel prices is greater than last week’s increase. Per liter, gasoline rose by P1.30, diesel by P1 and kerosene by P1.35.
The net increases so far stand at P5.10 per liter for gasoline, 5 centavos per liter for diesel and P2.15 per liter for kerosene.