Oil firms cut prices Tuesday

Oil firms will cut pump prices starting Tuesday morning with gasoline decreasing by PHP0.75 per liter, diesel by PHP0.65 per liter, and kerosene by PHP0.60 per liter.

Leading companies such as Caltex, Petron, Shell, Seaoil, Cleanfuel, Petro Gazz, Phoenix Petroleum, PTT Philippines, and Unioil will implement these changes due to slowing demand in the US and China, increased crude inventories in the US, and easing demand in Asia.

This marks the third consecutive week of price cuts for gasoline and the fourth for diesel and kerosene; however, year-to-date net increases remain at PHP13.05 per liter for gasoline, PHP6.35 for diesel, and PHP1.69 for kerosene.