Oil firms lower fuel prices

(UPDATES) OIL companies lowered fuel prices on Tuesday after four straight weeks of increases.

Shell, Seaoil, PetroGazz, Caltex, Cleanfuel, Jetti Petroleum, Unioil, PTT Philippines and Flying V reduced the prices of gasoline by 60 centavos per liter and diesel by 95 centavos per liter.

Kerosene prices had the biggest price rollback: P1.15 per liter.

The Department of Energy's Oil Industry Management Bureau attributed this week's fuel price drop to weak economy data from China and the oil shipping delays and oil platform evacuations brought about by Hurricane Beryl.

Last week, the price of gasoline increased by P1.60 per liter, diesel by 65 centavos per liter and kerosene by 60 centavos per liter.

Since January, the price of gasoline has risen by P10.25, diesel by P8.10, and kerosene by P1.20.