Fuel prices rolled back for 2nd week in a row
Pump prices will be rolled back as much as P3 per liter for diesel effective 6am Tuesday to reflect the movement of prices in the world oil market.
Local oil firms also cut the price of kerosene by P2.30 per liter and gasoline by P0.70 per liter.
Seaoil Philippines, Phoenix Petroleum, PTT Philippines, Jetti Petroleum, PetroGazz, Cleanfuel and Chevron Philippines issued separate advisories for their latest rollbacks, while other oil companies are expected to follow suit.
This is the second consecutive week of rollbacks for diesel and kerosene.
Department of Energy (DOE) director Rino Abad said world oil prices softened due to the slowdown of manufacturing activities in China, which means less fuel is used.
He also cited US data where there is increased crude oil inventory that translates to less use of crude oil.
Abad said there was also no supply disruption despite the Israel-Palestine war, reflecting “no clear effect” on the world oil market. Alena Mae Flores
He said there is a chance that oil prices will continue to decline. “Let’s hope there will be no changes from OPEC and no actual supply disruption in the Middle East,” Abad said.
Prior to Tuesday’s rollback, gasoline prices averaged P57.25 to P86.40 per liter, diesel from P57.40 to P82.85 per liter, and kerosene from P74 to P87.14 per liter in the National Capital Region.
On Nov. 7, the oil firms cut the price of diesel by P1.10 per liter, kerosene by P1.05 per liter, and gasoline by P0.45 per liter.
These price adjustments resulted in a year-to-date net increase of P13.75 per liter for gasoline, P9.35 per liter for diesel and P3.99 per liter for kerosene.