The oil firms cut pump prices by as much as P0.90 per liter effective 6am Tuesday to reflect the movement of prices in the world oil market.
The oil firms implemented a price rollback of P0.90 per liter for kerosene, P0.85 per liter for gasoline and P0.75 per liter for diesel, driven by several factors such as the decision of the Organization of the Petroleum Exporting Countries and its allies’ decision to lower its oil demand forecast for the 4th time.
Seaoil Philippines, PTT Philippines, PetroGazz, Jetti Petroleum and Chevron Philippines announced their respective oil price rollbacks while others are expected to follow suit.
Department of Energy Oil Industry Management Bureau (OIMB) director Rodela Romero said last week other factors that drove prices downward includes the US Energy Information Administration’s trimming of ts 2025 crude price forecast by $1.53 per barrel citing the potential for higher global oil production and China’s weak economy as “investors maintained a pessimistic outlook on Chinese demand.”
Jetti Petroleum president Leo Bellas also said oil prices declined due to concerns about weak global demand “but tight diesel and gasoline supply in the region due to lower exports from China provided a floor to prices.”
On Nov. 12, 2024, the oil firms increased the price of diesel by P2.10 per liter, gasoline by P1.50 per liter and kerosene by P1.20 per liter.
Year-to-date total adjustment for diesel stands at a net increase of P9.40 per liter and gasoline by P10.15 per liter.
On the other hand, kerosene has a total net decrease of P3.80 per liter.
