Oil firms make big-time price cuts on diesel, kerosene

Oil companies implemented another round of big-time price rollbacks on diesel and kerosene products starting on Tuesday, but no movement in gasoline prices are expected yet this week.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil said they have slashed diesel prices by P4.15 per liter. Caltex, Seaoil, and Shell also cut kerosene prices by P4.45 per liter.

Prices of diesel and kerosene have been declining in the last  three consecutive weeks now. Worries about recession and demand continue to be the main driver of falling oil prices in the world market. On the other hand, a strong dollar is putting pressure on petroleum prices.

As of this writing, Brent crude increased prices by 0.53%, while while West Texas Intermediate went up by 0.33% trading at US$91.83 per barrel and US$85.39 per barrel, respectively.

Since the start of the year, gasoline prices had a net increase of P26.45 per liter; diesel, P42.10 per liter; and kerosene, P35.95 per liter.