Fuel price cuts set today

MANILA, Philippines — Following recent mixed movements, oil companies are poised to implement a slight rollback in fuel prices today.

In separate advisories, Shell, Caltex and Seaoil announced a reduction of P0.10 per liter for gasoline and diesel, and P0.30 per liter for kerosene.

Petro Gazz, Cleanfuel, PTT Philippines and Jetti will apply the same adjustments, except for kerosene, which they do not offer.

The Department of Energy attributed the price cuts to the recent developments in the global oil market.

A price hike in Saudi Arabian crude is expected for Asian buyers for March delivery.

This came after the US and the UK imposed tougher sanctions on Russian oil companies in a bid to reduce Moscow’s energy revenue and deplete its war chest amid ongoing tensions with Ukraine.