Oil prices cut effective Tuesday; first time in 2025
Oil companies have slashed their prices for the first time this year following three consecutive weeks of increases.
Effective on Tuesday, the prices per liter of gasoline would go down by 80 centavos, diesel by 20 centavos and kerosene by 50 centavos.
Jetti Petroleum, Petro Gazz, PTT Philippines, Shell Pilipinas and Seaoil said in separate advisories on Monday that the new prices would take effect at 6 a.m., followed by Caltex at 6:01 a.m. and Cleanfuel at 8:01 a.m.
Last week, the Department of Energy (DOE) and Jetti Petroleum hinted at a hefty price decrease because of various events affecting the global oil market.
These include the reopening of refineries and ports in the US Gold Coast after a winter storm, said DOE Oil Industry Management Bureau Director Rodela Romero.
Another factor is the easing of geopolitical tensions in the Middle East, which may reduce disruptions along the Red Sea shipping route, said Jetti Petroleum president Leo Bellas.
