Oil firms lower pump prices

OIL companies lowered their pump prices on Tuesday, Nov. 22, 2022.

Pilipinas Shell, Cleanfuel, PetroGazz, Caltex, Seaoil, PTT Philippines, Phoenix Petroleum and Jetti Petroleum slashed diesel prices by P2.15 per liter, gasoline by P0.40 per liter and kerosene by P2.10 per liter.

Other oil firms were expected to follow suit. Oil Industry Management Bureau Director Rino Abad attributed the drop in fuel prices to weak demand from top oil importer China amid its rising Covid-19 cases.

Last week, oil companies reduced the prices of diesel by P0.30 per liter, while the cost of gasoline and kerosene increased by P0.90 per liter and P1.35 per liter, respectively.