Oil companies will implement price cuts on fuel products on Tuesday after big-time hikes last week.
Starting 12:01 a.m., Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, Shell, and Unioil will slash gasoline prices by P0.70 per liter and diesel by P0.95 per liter.
Caltex, Seaoil, and Shell will also roll back kerosene prices by P1.10 per liter.
Other companies are expected to follow suit.
Department of Energy (DOE) Director Rino Abad, in a radio interview on Monday, said the looming recession in major economies across the world has eased global oil prices since it may temper oil demand.
Last week, industry players adjusted fuel prices by as much as P1.60 per liter for gasoline.
With the movement in prices last week, gasoline prices since the start of the year posted a net increase of P6.54 per liter, diesel had a net increase of P4.40 per liter, and kerosene prices were higher by P2.90 per liter.*PNA
