Oil companies will implement rollbacks on fuel prices on the last day of the month.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, Seaoil, Shell and Unioil will cut gasoline prices by P0.70 per liter and diesel prices by P1.30 per liter.
Caltex, Seaoil and Shell will also slash kerosene prices by P1.80 per liter.
The price adjustments will be effective 12:01 a.m. Tuesday, Feb. 28.
This will be the fourth straight week that companies cut kerosene prices.
Last week, oil firms hiked gasoline and diesel prices.
According to OilPrice.com, the improving crude oil supply in the United States pushed global oil prices down this week.
Citing data from the America Petroleum Institute (API), crude oil inventories increased by 9.895 million barrels last week.
“US crude oil production stayed at 12.3 million bpd (barrels per day) for week ending February 10 —the highest production rate since last April 2020,” OilPrice.com said.
Meanwhile, the price adjustments last week brought an increase of P8.10 per liter for gasoline,
P
1.90 per liter for diesel and
P
1.80 per liter for kerosene since the start of the year.
PNA
