Petroleum firms cut fuel prices starting Tuesday

Petroleum firms will reduce fuel prices starting Tuesday morning, with gasoline decreasing by P0.45 per liter, diesel by up to P1.10 per liter, and kerosene by P1.05 per liter.

The price cuts follow last week's increase in gasoline and reductions in diesel and kerosene, bringing year-to-date net increases for gasoline to P14.20, diesel to P10.45, and kerosene to P5.04 per liter.

DOE Oil Industry Management Bureau Director Romero attributed the price adjustments to signs that the Israel-Hamas conflict would remain contained, increased crude production from OPEC, and a slowdown in global fuel demand due to economic challenges.