The country’s oil firms are expected to cut pump prices by as much as P1 per liter effective 6 a.m. Tuesday.
Unioil Petroleum Philippines said it will roll back prices by P0.90 per liter to P1 per liter for diesel and P0.20 per liter to P0.30 per liter for gasoline.
This week’s rollback follows two consecutive weeks of price hikes.
Rino Abad, Department of Energy director for the Oil Industry Management Bureau, attributed the rollback to several factors, including the announcement of the United States that it will release 15 million barrels of oil per day starting in December.
He said there was also a continuing decline in fuel demand andemerging reports that the pronounced production cut by two million barrels per day by the Organization of the Petroleum Exporting Countries and its allies may not happen.
Abad said oil demand slowed down due to “the effect of interest hike and the high fuel cost.”
The US Energy Information Agency reduced its 2023 global oil consumption forecast by 500,000 barrels per day to 101.03 million barrels per day, citing lower GDP growth.
On Oct 18, the oil companies implemented a per liter increase in gasoline by P0.80, diesel by P2.70, and P2.90 for kerosene.
These resulted in the total year-to-date adjustments at a net increase of P16.45 per liter for gasoline, P38.50 per liter for diesel, and P29.65 per liter for kerosene.