INQUIRER FILE PHOTO
MANILA, Philippines — Slowing global demand again triggered rollbacks in the pump prices of petroleum products by as much as P0.75 per liter effective on Tuesday, Nov. 21.
In separate advisories, local oil firms said they would slash the prices of gasoline by P0.75 per liter and diesel by P0.65 per liter. The price of kerosene will likewise decline by P0.60 per liter.
Shell and Seaoil will implement the rollbacks by 6 a.m., followed by CleanFuel at 4:01 p.m.
According to the Department of Energy Oil Industry Management Bureau, this is due mainly to lower demand in the United States and China, as well as an increase in weekly crude inventories.
READ: OPEC+ to consider whether more oil cuts needed – sources
This marks the fourth consecutive week of rollbacks for diesel and kerosene, and the third for gasoline.
READ: Oil firms roll back fuel prices by up to P3 per liter
Last week, pump prices declined by P3 per liter for diesel, P0.70 per liter for gasoline and P2.30 per liter for kerosene.