Oil firms implement big-time price cuts for Holy Week
Oil companies will lower the prices of their petroleum products by as much as P3.60 per liter this Holy Week, marking the second straight week of rollbacks amid global trade tensions triggered by the United States.
In separate advisories on Monday, Seaoil, Jetti Petroleum, Petro Gazz, Caltex and Shell Pilipinas said gasoline prices will drop by P3.60 a liter starting Tuesday.
The prices of diesel and kerosene will also be slashed by P2.90 and P3.30 per liter, respectively. Last week, motorists saw slight reductions in pump prices ranging from 10 centavos to 50 centavos a liter.
Rodela Romero, assistant director of the Department of Energy-Oil Industry Management Bureau, earlier said the potential decrease this week may be due to the “escalated trade tensions between the United States and China resulting in fear of recession and reduced demand for crude oil.”
She also cited as another factor the decision of the Organization of the Petroleum Exporting Countries to increase production by May.
