A substantial price reduction on fuel products will greet motorists today, following mixed adjustments at the pump last week.

In separate advisories, Shell, Caltex and Seaoil said pump prices for gasoline, diesel and kerosene will decrease by P0.60, P1.20 and P1.30 per liter, respectively.

PetroGazz, PTT Philippines, Cleanfuel and Unioil will implement the same price adjustments for diesel and gasoline.

The Department of Energy (DOE) earlier said that fuel prices remain 'under pressure' following the OPEC+ decision to extend the voluntary production cuts of 2.2 million barrels per day until the end of 2024.

'This decision comes in response to growing concerns over the weakening demand growth, high interest rates and increased production from the US,' DOE-Oil Industry Management Bureau (OIMB) assistant director Rodela Romero said.

Citing enough supply in the global market, DOE-OIMB director Rino Abad expects oil prices to swing in both directions for weekly prices.

'Prices seem stable, so we are not expecting a big increase or decrease… I hope there are no fundamental causes that could have a large impact (on prices),' he said.

Copyright © 2022 PhilSTAR Daily, Inc Provided by SyndiGate Media Inc. (Syndigate.info).