Oil firms roll back prices effective Tuesday

MANILA, Philippines — There will be a slight dip in pump prices effective on Tuesday, Nov. 19, after last week’s hikes of up to P2.10 per liter.

In separate advisories, oil companies Seaoil, Petro Gazz, CleanFuel, Caltex, Jetti and Shell Pilipinas announced a per liter increase of 75 centavos in the price of diesel. For gasoline and kerosene, their prices will be lower by 85 centavos and 90 centavos per liter, respectively.

Rodela Romero, director of the Department of Energy Oil Industry Management Bureau, earlier said the price cuts could be attributed to the weaker demand forecasts made by the Opec+, composed of the Organization of the Petroleum Exporting Countries and allies led by Russia.

The US Energy Information Administration also downgraded its 2025 crude price forecast due to the expected increase in oil production.

READ: Big oil price hike: P2.10/L for diesel, P1.50/L for gas starting Nov 12

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 net increases of diesel and gasoline stood at P8.65 and P9.30 a liter, respectively.

Kerosene, on the other hand, has a net decrease of P2.30. Last week, oil companies imposed hefty hikes in the prices of their products. Per liter, diesel went up by P2.10, gasoline by P1.50 and kerosene by P1.20. —Lisbet K. Esmael