INQUIRER FILE PHOTO
MANILA -Hefty rollbacks in the pump prices of petroleum products will greet consumers on Tuesday, Nov. 14, with local oil firms cutting prices by as much as P3 per liter.
In separate advisories, the companies said they would slash the price of gasoline by P0.70 per liter and diesel by P3 per liter.
The price of kerosene will likewise decline by P2.30 per liter.
Shell and Seaoil will implement the price adjustments by 6 a.m. on Tuesday.
According to the Department of Energy Oil Industry Management Bureau, “falling demand” in the United States, as well as weak exports from China triggered the rollbacks.
READ: Oil slides over 2% on demand worries, lowest settlement in 3 months
This marks the third consecutive week of price declines for diesel and kerosene, and the second for gasoline.
Last week, prices rolled back by P0.45 per liter for gasoline, P1.10 per liter for diesel and P1.05 per liter for kerosene.
This resulted in a year-to-date net increase of 13.75 per liter for gasoline, P9.35 per liter for diesel and P3.39 per liter for kerosene.