Several oil companies will lower fuel prices on February 13, following weeks of steep hikes that have set new records.
Gasoline prices will be reduced by P0.60 per liter and diesel by P0.10 per liter, according to separate advisories from Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell.
Meanwhile, kerosene prices will also be trimmed by P0.40 per liter. Other oil firms are expected to make similar adjustments.
Gasoline prices have increased by as much as P5 per liter, diesel by P3.40 per liter, and kerosene by P2.25 per liter since the beginning of the year.
The global oil market, which has been affected by the coronavirus pandemic, geopolitical tensions, and supply and demand factors, has driven the price movements.