Firms to cut nearly P2 per liter for gasoline, kerosene this week

Metro Manila, Philippines - Oil firms are set to implement a big-time rollback in per-liter prices of fuel products starting Tuesday, March 11.

Seaoil and Caltex announced on Monday it would cut kerosene prices by P1.80 per liter.

Seaoil, Caltex, and Cleanfuel would also reduce gasoline prices by P1.70 per liter, while diesel by P0.90.

Motorists also saw a downward adjustment in fuel prices last week.

Oil Management Bureau Assistant Director Rodela Romero earlier said this week’s price movement may be the result of the build up of United States commercial crude oil stockpiles.

Other factors are plans of the Organization of Petroleum Export Countries Plus (OPEC+) plans to raise output in April and the trade war between the US on one hand, and Canada, China, and Mexico on the other.

Pending implementation, kerosene would have a total net decrease of P0.30 per liter based on NewsWatch Plus’ monitoring. Gasoline and diesel would have a total net increase of P2.15 per liter and P3.05 per liter.