Fuel Prices to Drop on Tuesday Following Weeks of Increases

Motorists can look forward to some relief at the pump as major oil companies have announced a reduction in fuel prices effective Tuesday. This comes after three weeks of continuous price increases at the start of the year. On Monday, oil giants such as Shell, Seaoil, Caltex, PetroGazz, and CleanFuel declared that they would lower the prices of diesel and gasoline by PHP0.20 and PHP0.80 per liter, respectively. Additionally, Caltex, Shell, and Seaoil will decrease kerosene prices by PHP0.50 per liter. It is anticipated that other oil companies will also adjust their prices accordingly. According to the Department of Energy, as of January 21, gasoline prices had risen by a net total of PHP3.45 per liter, diesel by PHP5 per liter, and kerosene by PHP4.30 per liter.