Oil Firms Implement Price Reductions for Second Consecutive Week

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MANILA, Philippines — Starting August 6, local oil companies are set to lower the prices of their products for the second consecutive week, driven by a decline in demand from China and anticipated increases in global supply.


In separate announcements on Monday, Shell Pilipinas, Jetti, Seaoil, Caltex, Petro Gazz, and Cleanfuel stated that the prices per liter of diesel and kerosene would decrease by 20 centavos and 45 centavos, respectively. This reduction marks the fourth consecutive week of price cuts for both oil products.


Meanwhile, gasoline prices will see a reduction of 10 centavos per liter, reversing a similar price hike from two weeks ago.


Rodela Romero, Director III of the Department of Energy-Oil Industry Management Bureau, explained, “The downward trend is primarily due to weakening demand from China and the OPEC+ plans, led by Russia, to boost global supply.” She also noted that rising crude oil futures, driven by heightened geopolitical tensions in the Middle East and lower US crude inventories, have contributed to the price adjustments.


Romero also reminded sellers of the ongoing 15-day price freeze on liquefied petroleum gas (11 kilograms and below) and kerosene, following a state of calamity declaration in several provinces due to severe flooding last month.

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