OIL COMPANIES CUT PRICES BY UP TO P1.40/LITER

THE prices of oil products in the first week of March are dropping.

In separate advisories, Shell, Caltex and Seaoil announced a rollback of P0.90 per liter for gasoline, P0.80 per liter for diesel, and P1.40 per liter for kerosene.

Petro Gazz, Cleanfuel, PTT Philippines and Jetti will implement the same adjustments, except for kerosene.

The price cut will take effect Tuesday, March 4, 2025.

Department of Energy (DOE) Assistant Director Rodela Romero said the price drop is because of, among others, the US policy on oil drilling, which will add supply to the world market.

Romero said the International Energy Agency has also declared that there is likely to be an oversupply of oil in the world for 2025.

On a year-to-date basis, the price of gasoline has risen by P3.85, diesel by P3.65 and kerosene by P1.50.