By Kris Crismundo

(File photo)

MANILA – Oil companies will slash pump prices by more than PHP1 per liter starting 12:01 a.m. Tuesday.

In separate advisories, Caltex, Cleanfuel, Jetti Petro Gazz, Phoenix Petroleum, PTT, Seaoil and Shell announced a gasoline price rollback by PHP1.60 per liter and PHP1.85 per liter on diesel.

Caltex, Seaoil and Shell will also reduce kerosene prices by PHP1.40 per liter.

Other oil companies are expected to implement the same price adjustments.

Prices of global benchmarks Brent and West Texas Intermediate (WTI) crude have fallen for seven consecutive weeks as of Dec. 8. China’s declining crude oil imports last month likewise dampened the global oil prices.

On the other hand, global industry experts have seen some support for the oil prices, such as the better-than-expected jobs data in the United States, as well as the call by Saudi Arabia and Russia for other OPEC+ members to join supply cuts.

As of writing, WTI and Brent crude prices improved by 0.67 and 0.70 percent to USD71.71 per barrel and USD76.37 per barrel, respectively.

Meanwhile, gasoline prices in Metro Manila range from PHP54.80 to PHP77.70 per liter; diesel between PHP52.70 and PHP79.50 per liter; and kerosene between PHP71.40 and PHP84.40 per liter. (PNA)