MANILA: The five-week streak of fuel price hikes will end on Tuesday (Feb 13) as global demand eased.
In separate advisories on Monday, local oil firms said they would cut the price per litre of gasoline by P0.60 and diesel by a measly P0.10. The price of kerosene will likewise be cut by P0.40 per litre.
Shell and Seaoil will implement the price adjustments by 6am, followed by CleanFuel at 4:01pm.
Rodela Romero, director of the Department of Energy Oil Industry Management Bureau, attributed the rollbacks to the increase in US oil production and “slowing oil demand growth.”
She clarified, however, that the continued production cut of major oil exporters may still impact fuel prices.
To recall, the Organization of the Petroleum Exporting Countries is still cutting production by 2.2 million barrels per day. This is expected to extend until the end of the first quarter.
Last week, motorists saw prices rise by P0.75 per litre for gasoline and P1.50 per liter for diesel. The price of kerosene also climbed by P0.80 per litre. - Philippine Daily Inquirer/ANN
