Fuel prices drop P0.10-P0.30/liter starting Feb 11

Motorists in the Philippines will see lower fuel prices starting Tuesday, February 11, marking the third consecutive week of price reductions.

Leading oil companies such as Chevron Philippines Inc., Seaoil Philippines Corp., Shell Pilipinas Corp., Caltex, and Cleanfuel announced cuts of P0.10 per liter for gasoline and diesel, while kerosene will see a reduction of P0.30 per liter.

The price adjustments follow a larger rollback on February 4 where kerosene prices dropped by P0.90 per liter and diesel by P1.15, despite an increase in gasoline prices.

According to the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), the decline is attributed to increased U.S. production with pro-drilling policies and lower oil prices.

The rollbacks reflect easing geopolitical tensions and higher Asian demand, particularly from China and India, alongside reduced outputs from Iran and Nigeria.