Motorists can heave a sigh of relief this week, following the hefty fuel price increases last week, as a rollback on the prices of petroleum products are set starting Tuesday, November 19, 2024. In separate advisories, oil firms said diesel prices will decrease by 75 centavos per liter while gasoline and kerosene prices will go down by 85 centavos and 90 centavos, respectively, starting Tuesday. INQUIRER FILE PHOTO
After last week’s hikes, motorists can heave a sigh of relief as petroleum products will have slight reductions starting Tuesday, November 19.
In separate advisories, Seaoil, Petro Gazz, CleanFuel, and Shell Pilipinas said diesel prices will decrease by 75 centavos per liter while gasoline and kerosene prices will go down by 85 centavos and 90 centavos, respectively.
Rodela Romero, director of the Department of Energy (DOE) Oil Industry Management Bureau, earlier said the fuel price cuts could be attributed to weaker demand forecasts made by the OPEC+, which is composed of the Organization of the Petroleum Exporting Countries and allies led by Russia.
READ: Big fuel price hike: P2.10/L for diesel, P1.50/L for gas starting Nov 12
The US Energy Information Administration also lashed its 2025 crude price forecast due to the projected increase in oil production.
A bleak outlook on demand from China, a major crude importer, could also weigh down on prices, Romero added.
Last week, the motoring public saw increases of up to P2.10 per liter in petroleum products.