MANILA, Philippines — The five-week streak of fuel price increases ended on Tuesday, Feb. 13, as global demand eased amid heightened economic uncertainty.
In separate advisories on Monday, local oil companies reduced the price per liter of gasoline by P0.60 and diesel by only P0.10.
The price of kerosene likewise declined by P0.40 per liter. Caltex and CleanFuel implemented the price adjustments by 12:01 a.m. on Tuesday, followed by Shell, Jetti Petroleum, Petro Gazz and Seaoil at 6 a.m. Rodela Romero, director of the Department of Energy Oil Industry Management Bureau, attributed the minimal rollbacks to the increase in US oil production and “slowing oil demand growth.”
READ: Price of gasoline down 60¢, diesel by 10¢ per liter
However, she clarified that the production cut being implemented by major oil exporters may still impact fuel prices.—MEG ADONIS