Fuel firms slash prices amid global demand dip

By: Meg Adonis - @inquirerdotnetINQUIRER.net | February 12,2024 - 09:46 AM

Gas station


MANILA, Philippines —The five-week trend of rising fuel prices will stop on Tuesday, February 13, due to a decrease in global demand.

Local fuel companies announced in separate statements on Monday that they would reduce gasoline prices by P0.60 per liter, diesel by a small P0.10 per liter, and kerosene by P0.40 per liter.

Shell and Seaoil will implement the price adjustments by 6 a.m., followed by CleanFuel at 4:01 p.m.

Rodela Romero, director of the Department of Energy Oil Industry Management Bureau, attributed the rollbacks to the increase in US oil production and “slowing oil demand growth.”

She clarified, however, that the continued production cut of major oil exporters may still impact fuel prices.

READ MORE: Oil prices gain after OPEC+ maintains output cuts

To recall, the Organization of the Petroleum Exporting Countries is still cutting production by 2.2 million barrels per day. This is expected to extend until the end of the first quarter

READ MORE: Fuel prices to increase by up to P1.50 per liter on Feb 6

Fuel prices in Cebu City as of Feb. 6: Gasoline up by 75 centavos, diesel by P1.50

Last week, motorists saw prices rise by P0.75 per liter for gasoline and P1.50 per liter for diesel. The price of kerosene also climbed by P0.80 per liter.

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TAGS: Oil, oil companies, oil price

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