Oil firms slash fuel prices after 11 weeks of hikes

Oil companies will reduce gasoline prices by PHP5.45 per liter, diesel by PHP11.45 per liter, and kerosene by PHP8.55 per liter starting Tuesday morning.

This rollback follows 11 consecutive weeks of fuel price increases.

The Department of Energy attributed the decrease to a slowdown in oil demand due to China's lockdown and Russia-Ukraine ceasefire negotiations.

Despite the rollback, prices remain higher than before the 11-week increase; year-to-date net increases are PHP20.35 per liter for gasoline, PHP30.65 for diesel, and PHP24.90 for kerosene.