Gasoline, Diesel, Kerosene Prices Drop Starting Tuesday

Motorists can expect relief at the pumps starting Tuesday, as major oil firms announced rollbacks in fuel prices after last week’s increases.

In separate announcements, Chevron Philippines Inc. (Caltex), Petron Corp., Seaoil Philippines Corp., and Shell Pilipinas Corp. confirmed price reductions of ₱0.85 per liter for gasoline, ₱0.75 per liter for diesel, and ₱0.90 per liter for kerosene.

Other companies such as Cleanfuel, Petro Gazz, PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will implement the same price adjustments, excluding kerosene, which they do not sell.

The adjustments will take effect on Tuesday, November 19, with most firms implementing the changes at 6:00 AM, except for Cleanfuel, which will begin at 12:01 AM.

Rollback Factors

The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) earlier forecasted rollbacks due to lower global oil demand projections by the Organization of the Petroleum Exporting Countries (OPEC) and partners, along with downgraded crude price forecasts by the US Energy Information Administration.

Recent and Year-to-Date Changes

Last week, fuel prices increased by ₱1.50 per liter for gasoline, ₱2.10 per liter for diesel, and ₱1.20 per liter for kerosene.

As of November 5, 2024, year-to-date adjustments stand at:

• Gasoline: Net increase of ₱8.65 per liter
• Diesel: Net increase of ₱7.30 per liter
• Kerosene: Net decrease of ₱2.60 per liter

Other oil firms have yet to release their pricing updates for the week.