Fuel prices dip again after hike last week

Consumers got a small reprieve from the hefty fuel price increases last week after local oil companies slashed the pump prices of petroleum products by up to P1.10 per liter on Tuesday, Feb. 27.

In separate advisories, fuel companies announced that the prices per liter of gasoline went down by P0.70 and diesel by P0.95. The price of kerosene likewise declined by P1.10 per liter.

Caltex and CleanFuel implemented the rollbacks at 12:01 a.m., followed by Shell and Seaoil at 6 a.m.

The Department of Energy Oil Industry Management Bureau attributed the price declines this week to “worries about global demand.”

READ: Fuel price rollback: gasoline down 70¢ per liter, diesel by 95¢

Oil demand initially slowed in the global market earlier this month, but the Organization of the Petroleum Exporting Countries is expecting a stronger growth throughout the year.

Last week, pump prices climbed by up to P1.60 per liter as tensions in the Red Sea, a crucial channel for international oil trade, triggered a halt in shipping.

The prevailing oil retail prices per liter in Metro Manila ranged from P54.35 to P88.88 as of Feb. 20. INQ