Oil firms lower pump prices

OIL companies lowered the pump prices of diesel by P1.85 per liter and gasoline by P1.60 per liter on Tuesday, Dec. 12, 2023.

Shell, Caltex, Seaoil, Cleanfuel, Petrogazz, PTT, Jetti Petroleum, Phoenix Petroleum, Unioil, and Fying V implemented the price adjustments.

Shell, Caltex, Seaoil and Flying V cut the price of kerosene by P1.40 per liter.

Department of Energy-Oil Industry Management Bureau Director Rodela Romero attributed the price reduction to high US inventory, slow Chinese crude imports «along with overall lackluster global economic growth.»

Last week, oil companies raised the prices of gasoline and kerosene by P0.30 and P0.20 per liter, respectively, but lowered diesel cost by P0.30 per liter.