Oil firms slash fuel prices by up to P1.90

MANILA, Philippines — Amid weak demand in the global oil market, a fuel price reduction of up to P1.90 per liter will greet motorists today,

In separate advisories, Shell, Caltex and Seaoil announced that pump prices of gasoline will go down by P1.15 per liter, diesel by P1.90 and kerosene by P1.85.

Petro Gazz, Cleanfuel, PTT Philippines and Jetti will apply the same price movements, except for kerosene, which they do not offer.

The latest adjustments will bring the year-to-date net increases for gasoline and diesel to P6.90 and P4.05 per liter, while kerosene will have a net decrease of P4 per liter.

The Department of Energy-Oil Industry Management Bureau said last week that domestic prices went down as markets have remained bearish due to poor global demand.

“Added to it are the Israel-Gaza ceasefire talks that ease supply fears and the production recovery support from Libya’s Sharara oil field,” the agency said.