Fuel price cut from Oct 22: 70¢/liter for diesel, 50¢/liter for gasoline

Fuel prices are set to go down starting Tuesday, October 22, 2024. Gasoline and diesel prices will be cut by 50¢ and 70¢ a liter, respectively, according to separate advisories from oil companies. Kerosene prices will also decrease by 85 centavos a liter beginning Tuesday. INQUIRER FILE PHOTO

After four consecutive weeks of hikes, oil companies are poised to implement downward adjustments in the prices of petroleum products beginning Tuesday, October 22.

In separate advisories on Monday, Seaoil and Shell Pilipinas said the per-liter prices of gasoline and diesel would be reduced by 50 centavos and 70 centavos, respectively.

Kerosene prices would also decrease by 85 centavos a liter.

The slight decline in pump prices could be attributed to the “de-escalating” conflict in the Middle East, said Rodela Romero, director of the Department of Energy (DOE) Oil Industry Management Bureau.

READ: Fuel prices to increase nearly P3 a liter starting Oct 15

The DOE official also saw a potential crude supply surplus in early 2025.

“Oil demand growth to slow down in 2025 due to vehicle efficiency upgrade and the slowing economy of China,” she added.

Last week, fuel firms increased pump prices by as much as P2.70 per liter.