Oil firms roll back fuel prices by up to P1.10 per liter

INQUIRER FILE PHOTO

MANILA  -Local oil companies will implement another round of rollbacks in the pump prices of petroleum products this week, this time by up to P1.10 per liter.

In separate advisories, the oil firms said they would cut the prices of gasoline by P0.45 per liter and diesel by P1.10 per liter on Tuesday, Nov. 7.

The price of kerosene will likewise decline by P1.05 per liter.

Shell and Seaoil will implement the price adjustments by 6 a.m.

According to the Department of Energy (DOE) Oil Industry Management Bureau, this is on the back of additional crude production output from the Organization of the Petroleum Exporting Countries, along with “slowing fuel demand growth due to weakening global economic growth.”

Last week, prices of diesel and kerosene went down by P1.25 per liter and P1.20 per liter, respectively.

The price of gasoline, however, climbed by P0.45 per liter.

This resulted in a year-to-date net increase of P14.20 per liter for gasoline, P10.45 per liter for diesel, and P5.04 per liter for kerosene.

Data from the DOE show that prevailing retail pump prices in Metro Manila ranged from P57.65 to P86.85 per liter.