Gasoline prices to be slashed by 70 centavos/liter, diesel by 95 centavos/liter

Fuel price cuts to be implemented by local oil companies on Tuesday, February 27

Inquirer file photo

MANILA, Philippines — Cuts in the prices of fuel on Tuesday, February 27, will somehow ease the hurt of motorists pockets after the hefty price hikes implemented last week.

Gasoline prices will be slashed by 70 centavos per liter, diesel will be rolled back by 95 centavos per liter while kerosene will be cut by P1.10 per liter.

READ: Gasoline, Kerosene to be slashed tomorrow, Tuesday

The decrease in prices were announced by local oil companies today, Monday, February 26, in separate advisories.

Shell and Seaoil will implement the rollbacks by 6 a.m. on Tuesday.

The Department of Energy (DOE) Oil Industry Management Bureau attributed the price declines this week to “worries about global demand.”

Oil demand initially slowed in the global market earlier this month, but the Organization of the Petroleum Exporting Countries is expecting  stronger growth throughout the year.

READ: OPEC sticks to oil demand view, sees better economic growth

Last week, prices climbed by up to P1.60 per liter as tensions in the Red Sea, a crucial channel for international oil trade, triggered a halt in shipping.

Prevailing retail prices in Metro Manila ranged from P54.35 per liter to P88.88 per liter as of Feb. 20, data from the DOE show.

READ: Gasoline prices to go up by P1.60/liter, diesel by P1.10/liter