MANILA, Philippines – Oil companies announced that they will reduce prices of diesel and kerosene, but increase prices of gasoline on Tuesday, July 9.

Shell, Petro Gazz, Seaoil, and Caltex will slash diesel prices by P0.40 per liter and hike gasoline prices for the 4th straight week by P0.25 per liter.

Companies carrying kerosene will cut prices by P0.35 per liter.

Year-to-date adjustments stand at a net increase of P5.15 per liter for gasoline, P3.30 per liter for diesel, and P1.75 per liter for kerosene.

The adjustments come as market concerns ease about the possibility of a United States-Iran conflict, declining crude demand especially in view of the trade war between the US and China, and the strengthening of the Philippine peso. – Rappler.com