OIL PRICES LOWERED BY P0.90 PER LITER ON TUESDAY

Following straight weeks of hikes, fuel prices are poised to go down by less than P1 per liter on Tuesday (Photo courtesy of ABS-CBN News)

A slight decrease in pump prices will be implemented on Tuesday, November 19 due to several global developments related to the oil industry following the upward adjustment implemented in the past week.

In separate advisories, oil firms said the rollback will take effect on Tuesday:

Shell Pilipinas, Seaoil, Caltex, Petron (effective 6 a.m.)

Gasoline - P0.85/liter decrease

Kerosene - P0.90/liter decrease

Diesel - P0.75//liter decrease

Petro Gazz, Ptt Philippines, Jetti Petroleum (effective 6 a.m.)

Gasoline - P0.85/liter decrease

Diesel - P0.75//liter decrease

Clean FueL (effective 12:01 a.m.)

Gasoline - P0.85/liter decrease

Diesel - P0.75//liter decrease

According to the Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero, the main reasons for the price reduction are weaker demand and the oil demand forecast for next year.

Citing the lowered oil demand forecasts of the Organization of the Petroleum Exporting Countries (OPEC) and its partners, and the downgraded crude price forecast of the US Energy Information Administration.

Still another factor was a bleak outlook on demand from China, a major crude importer, Romero added. Following this week’s adjustments, the year-to-date adjustments stood at a net increase of P8.65 per liter for gasoline and P7.30 per liter for diesel, and a net decrease of P2.60 per liter for kerosene as of November 5, 2024.

Source: ABS-CBN News 

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