Motorists and consumers can expect relief at the pump starting Tuesday, August 13, as fuel prices are set to decrease.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell announced that they will lower gasoline prices by PHP2.45 per liter, while diesel prices will drop by PHP1.90 per liter.
Additionally, Caltex, Seaoil, and Shell will reduce kerosene prices by PHP2.40 per liter.
Other oil companies are expected to follow suit with similar price reductions.
The Department of Energy (DOE) attributed these price cuts to global factors, particularly concerns over weak demand in China and a worsening global economic outlook.
The DOE also noted that the recent strengthening of the Philippine peso against the US dollar has further contributed to this week's lower fuel prices.
According to the DOE, the year-to-date total adjustment for gasoline and diesel stands at a net increase of PHP9.50 per liter and PHP6.65 per liter, respectively. In contrast, kerosene has experienced a net decrease of PHP0.75 per liter.
