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

By el Amigo

MANILA — Motorists can breathe a sigh of relief this week as oil companies have announced a rollback tomorrow (Tuesday, 13 Feb 2024) in pump prices following a string of five consecutive weeks of increases in gasoline and two in kerosene.

In separate statements, Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. disclosed reductions of P0.60 per liter for gasoline, P0.10 for diesel, and P0.40 for kerosene.

Cleanfuel and Petro Gazz will implement similar adjustments, excluding kerosene from their changes.

These adjustments will come into effect at 6 a.m. on Tuesday (February 13), for all companies except Cleanfuel, which will apply them at 12:01 a.m. on the same day.

As of now, other companies have not yet made similar announcements.

The Department of Energy-Oil Industry Management Bureau’s projections, although slightly lower than expected, are in line with these adjustments. They attribute this to the accumulation of crude inventories due to increased production in the United States and slower growth in oil demand.

Last week, prices rose by P0.75 per liter for gasoline, P1.50 for diesel, and P0.80 for kerosene.

According to the latest data from the DOE, there have been year-to-date net increases of P5.15 per liter for gasoline, P4.40 for diesel, and P0.85 for kerosene as of February 6.

(eA/MNM)

MANILA — Oil companies are set to implement a reduction in pump prices this Tuesday, 21 November 2023.

On Monday, both Shell and Seaoil announced that the cost of diesel will decrease by P0.65 per liter, while gasoline prices will see a reduction of P0.75 per liter.

Additionally, the price of kerosene is expected to drop by P0.60 per liter.

These adjustments will come into effect on Tuesday, November 21, 2023.

Other oil companies have yet to announce their respective oil price reductions as of this posting Monday.

(ai/mnm)

MANILA — Motorists can anticipate another dip in pump prices next week, as forecasted by Unioil Petroleum Philippines Inc. on Saturday.

According to Unioil, both diesel and gasoline are likely to experience a reduction ranging from ₱0.50 to ₱0.70 per liter.

These impending price cuts, marking the third consecutive adjustment since November 7, are projected to take effect from November 21 to 27.

Data from the Department of Energy, as of November 14, indicates that the series of adjustments has contributed to a year-to-date increase of ₱13.05 per liter for gasoline, ₱6.35 per liter for diesel, and ₱1.69 per liter for kerosene.

(JR AMIGO/ai/mnm)