Oil firms roll back prices effective Sept. 10

Inquirer photo/Niño Jesus Orbeta

MANILA, Philippines — Oil companies will reduce the prices of their petroleum products by more than P1 per liter starting Tuesday, as the global market saw a decline in demand in major economies.

In separate advisories on Monday, Seaoil, PetroGazz, CleanFuel, Caltex and Shell Pilipinas said the price per liter of gasoline would go down by P1.55.

Kerosene and diesel would also see a decrease of P1.40 and P1.30 per liter, respectively.

READ: Fuel price hike set on first week of September

In a statement on Friday, Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said that consumers would see cheaper oil prices due to “sluggish” demand from China and the United States.

The plan of Opec+ to increase oil production also contributed to the downward adjustments. Opec+ is made up of the Organization of the Petroleum Exporting Countries and allies led by Russia.

Last week, oil companies made upward price adjustments ranging from 30 centavos to 70 centavos.