Oil firms to cut prices by less than P1/liter this week

Metro Manila, Philippines - Fuel firms will implement a price rollback of less than P1 per liter starting Tuesday, Jan. 28, a first after consecutive weeks of increases since the start of the year.

In separate advisories on Monday, Caltex, Cleanfuel and Seaoil announced they will cut per-liter prices of gasoline by P0.80 and diesel by P0.20.

Caltex and Seaoil said kerosene would go down by P0.50 per liter.

The Department of Energy last Friday had said this week’s possible price adjustments could be attributed to the re-opening of refineries and ports in the US Gulf Coast after a winter storm.

Another reason could be markets’ factoring in the effects of newly sworn-in US President Donald Trump’s proposed tariffs on global economic growth and energy demand.

Pending actual imposition, the year-to-date net increase in gasoline stands at P2.65, diesel at P4.80, and kerosene at P3.80, based on NewsWatch Plus calculations.

NewsWatch Plus multiplatform producer Jelo Mantaring contributed to this report.