Oil companies will implement price adjustments on petroleum products starting today.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix, Seaoil, Shell, and Unioil said they will increase gasoline prices by P1.40 per liter and will decrease diesel prices by P0.50 per liter.
Caltex, Seaoil, and Shell will also slash kerosene prices by P0.35 per liter.
Other oil firms are expected to follow suit.
Since the start of the year, net increase for gasoline prices stood at P25.80 per liter, diesel prices at P43.80 per liter, and kerosene by P35 per liter.
Oil prices in the world market traded lower on Monday following the Chinese government reaffirmed its strict coronavirus disease 2019 policy, which diminished the industry’s hope for a rebound in demand.
According to OilPrice.com, both West Texas Intermediate and Brent crude declined by more than USD1 per barrel to USD91.12 and USD97.29, respectively.*PNA