Motorists will see lower fuel prices starting Tuesday, as oil companies announced price rollbacks following last week’s price hikes.
In separate statements, Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will reduce the prices of gasoline by P0.85 per liter, diesel by P0.75, and kerosene by P0.90. Cleanfuel and Petro Gazz will implement the same reductions, excluding kerosene, which they do not sell.
The price cuts will take effect at 6:00 a.m. on Tuesday, November 19, for most companies, while Cleanfuel will adjust prices starting at 12:01 a.m. on the same day.
Other oil firms have yet to announce any changes for the week.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) had earlier forecasted price rollbacks, citing reduced oil demand projections from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, as well as a lowered crude price forecast from the U.S. Energy Information Administration.
Last week, fuel companies increased prices, raising gasoline by P1.50 per liter, diesel by P2.10, and kerosene by P1.20.
As of November 5, 2024, year-to-date price adjustments show a net increase of P8.65 per liter for gasoline and P7.30 per liter for diesel, while kerosene has decreased by P2.60 per liter.
