Manila: Fuel prices in the Philippines are set to decrease as several major oil companies announce rollbacks effective on New Year's Eve.
According to Philippines News Agency, Caltex, Cleanfuel, Flying V, Jetti, Petro Gazz, Seaoil, and Shell have confirmed they will reduce gasoline and diesel prices by 30 centavos per liter. Additionally, Caltex, Seaoil, and Shell will lower kerosene prices by 90 centavos per liter. These adjustments will be implemented starting at 12:01 a.m. on Tuesday, with other oil firms likely to follow suit.
The decision comes amid global oil price trends, with the International Energy Agency forecasting an oversupply in the international oil market by 2025. In the Philippines, the Department of Energy reports a year-to-date increase of PHP13.05 per liter for gasoline and PHP11.30 per liter for diesel, while kerosene has experienced a total net decrease of PHP1.80 per liter.
