OIL firms will implement price adjustments on fuel products by less than P1 per liter starting 12:01 a.m. today.
In separate advisories yesterday, Caltex, Cleanfuel, Jetti, Petro Gazz, Petron, Seaoil, and Shell said they will reduce gasoline prices by P0.20 per liter while increasing diesel prices by P0.75 per liter.
Caltex, Petron, Seaoil, and Shell will also hike kerosene price by P0.50 per liter.
Local oil firms implemented price rollbacks last week, adjustments that translated to a net increase in gasoline prices since the start of the year by P9.35 per liter and in diesel prices by P0.60 increase.
On the other hand, kerosene prices had a net reduction of P2.30 per liter since the start of 2023.
According to OilPrice.com, China’s recovery has been fueling optimism for oil demand but interest rate hikes by central banks across the world to tame inflationary pressures have also influenced global oil prices. (PNA)/PN
