Good news for motorists!
After a hefty increase last week, oil prices will decline starting Tuesday amid slowing global demand for crude due to a new virus lockdown implemented in China.
In separate advisories on Monday, oil companies announced that gasoline prices will be slashed by P2.60 per liter, while diesel and kerosene prices will go down by P1.55 per liter and P1.60 per liter, respectively.
According to the Department of Energy, the latest price increase brought the year-to-date total adjustments to stand at a net increase of P37.80 per liter for diesel, P19.55 per liter for gasoline, and P33.20 per liter for kerosene.
Last week, pump prices of diesel and kerosene rose by P6.10 per liter each and gasoline by P1.40 per liter.
Oil companies announce price adjustments every Monday to be implemented on the following day's morning.
They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.
