Fuel prices cut today

MANILA, Philippines — Following mixed adjustments last week, oil companies are set to lower pump prices of petroleum products by as much as P0.85 per liter today.

In separate advisories, Shell, Caltex and Seaoil announced that the per-liter prices of gasoline will go down by P0.75, diesel by P0.85 and kerosene by P0.80.

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

The latest adjustments would bring the year-to-date net increases for gasoline and diesel to P9.60 and P6.90 per liter, respectively.

On the other hand, kerosene would have a year-to-date net decrease of P0.30 per liter.

According to the Department of Energy (DOE), the movements in domestic prices were due to bearish sentiment in the global oil market, amid expectations of plentiful supplies and weak demand.

“Likewise, the Gaza ceasefire negotiation threatens to erode the geopolitical risk premium of crude and petroleum products,” the DOE said.

The adjustments were also said to have been brought about by the implementation of a 15-day price freeze for kerosene and liquified petroleum gas, after Metro Manila was placed under a state of calamity.

Last week, the pump price of gasoline inched up by P0.10 per liter, while that of diesel and kerosene went down by P0.40 and P0.70 per liter, respectively.