Metro Manila, Philippines – Oil companies are set to implement big-time price cuts on diesel and kerosene in the first week of December.
In separate advisories on Monday, Dec. 1, Cleanfuel and Seaoil said that diesel prices will decrease by P2.90 per liter, while kerosene prices will see the biggest rollback, decreasing by P3.20 per liter.
Meanwhile, gasoline prices will increase by P0.20 per liter.
The Department of Energy (DOE) earlier attributed the big-time rollback on a possible ceasefire between Ukraine and Russia that could lift Western sanctions on Russian oil.
Also contributing to tamer fuel prices are prospects of oversupply in the oil market.
As of Nov. 25, the DOE said year-to-date the total net increase stood at P19.70 per liter for gasoline, P24.65 per liter for diesel, and P18.60 per liter for kerosene.
NewsWatch Plus intern Jhon Paul PJ De Vera contributed to this report.
