(UPDATE) OIL companies lowered their pump prices Tuesday due to several global developments related to the oil industry.
OIL companies lowered their pump prices Tuesday due to several global developments related to the oil industry.Shell, Seaoil, PetroGazz, Caltex Cleanfuel, Jetti Petroleum, Unioil, PTT Philippines, and Flying V cut gasoline prices by P0.85 per liter, and diesel by P0.75 per liter.The cost of kerosene went down by P0.90 per liter.
The Department of Energy's Oil Industry Management Bureau attributed the rollback to the move of the Organization of the Petroleum Exporting Countries and its allies to lower their oil demand forecasts for the fourth time and the US Energy Information Administration's trimming down its 2025 crude price forecast by $1.53 per barrel, citing the potential for higher global oil production; and the weak economy of China wherein investors maintained a pessimistic outlook on Chinese oil demand.
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