MANILA — After a string of price hikes over the past three weeks, oil companies in the Philippines have announced a reduction in fuel prices this week, bringing some relief to consumers.
Starting Tuesday, January 28, major oil players like Shell, Seaoil, Cleanfuel, and Jetti Petroleum will reduce the price of gasoline by P0.80 per liter, while the cost of diesel will drop by P0.20 per liter. Additionally, kerosene prices will be lowered by P0.50 per liter.
This comes after last week’s significant price hikes, where gasoline prices increased by P1.65 per liter, diesel by P2.70 per liter, and kerosene by P2.50 per liter. The back-and-forth adjustments highlight the ongoing volatility in the global oil market, influenced by factors such as geopolitical tensions and supply chain fluctuations.
The price cuts are a welcome relief for Filipino motorists and households, who have felt the impact of the rising fuel prices over the past month.
ia/mnm