Oil firms to implement mixed fuel price changes on Dec. 16

MANILA — Oil companies are set to roll out mixed price adjustments on petroleum products starting Tuesday, Dec. 16.

One oil company announced that gasoline prices will increase by P0.20 per liter, while diesel and kerosene will both be reduced by P0.20 per liter.

Other fuel retailers are expected to issue their own price advisories later in the day.

Earlier, the Department of Energy (DOE) said global oil prices softened as investor attention shifted back to possible peace negotiations between Russia and Ukraine.

International crude prices also declined following the restoration of oil production in one of Iraq’s fields, contributing to the easing of fuel costs.