MANILA: Motorists and consumers can expect lower oil prices this week as companies will implement rollbacks starting Tuesday.

In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil and Shell said they will slash gasoline prices by PHP0.75 per liter and diesel prices by PHP0.90 per liter.

Caltex, Seaoil and Shell will also cut kerosene prices by PHP1.05 per liter.

Other oil companies are expected to follow suit.

‘Year-to-date adjustment of gasoline, diesel, and kerosene stand at a per liter net increase of PHP10, PHP5.60 and PHP0.25, respectively,’ the Department of Energy said.

According to OilPrice.com, bearish sentiment is building in the global oil market amid the rising oil inventories and easing of geopolitical tensions.

Source: Philippines News Agency