Fuel prices will drop this week, giving relief to drivers after two weeks of price hikes. On Monday, several fuel companies announced they will lower prices starting Tuesday, May 6.
Chevron Philippines Inc. (Caltex), Seaoil Philippines Corp., and Shell Pilipinas Corp. will cut gasoline prices by P0.55 per liter, diesel by P0.65, and kerosene by P0.90. Cleanfuel will make similar price reductions, except for kerosene, which it does not sell.
The price changes will take effect at 6 a.m. on Tuesday, except for Cleanfuel, which will adjust prices at 8:01 a.m.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) had previously predicted lower prices due to concerns about oversupply in global markets and the impact of US tariff policies on global economic growth and fuel demand.
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