MANILA — After several consecutive price hikes, oil companies have announced a rollback in fuel prices, set to take effect on November 19, Tuesday.
The reduction comes in response to lower global oil prices, driven by weaker demand forecasts and disappointing economic stimulus measures from China.
The following price cuts will be implemented by key oil firms starting Tuesday, November 19:
Pilipinas Shell (Effective 6 a.m.)
Gasoline: ₱0.85 per liter decrease
Kerosene: ₱0.90 per liter decrease
Diesel: ₱0.75 per liter decrease
Petro Gazz (Effective 6 a.m.)
Gasoline: ₱0.85 per liter decrease
Diesel: ₱0.75 per liter decrease
Oil prices had been on the rise due to a series of supply and demand factors, but recent global trends, including a less-than-anticipated boost from China’s economic stimulus efforts, have led to a price correction.
Market analysts point to the ongoing concern over global economic growth, which has prompted a reassessment of oil demand in the coming months.
The rollback is a relief to consumers who have been grappling with higher fuel prices in recent weeks, although experts caution that the overall outlook remains volatile due to geopolitical tensions and fluctuating oil production levels.
ia/mnm
