The prices per liter of diesel will decrease by P3.95, gasoline by P0.85 per liter, and kerosene by P2.65 per liter, effective Nov. 29, oil companies announced Monday.
The rollback reflects movements in the international oil market, Caltex Philippines, Unioil, Petron Corporation, and PTT Philippines said in separate advisories.
The Department of Energy earlier said the decrease for the second consecutive week was because of weak demands due to lockdowns in China, the price cap on crude oil in Russia, and increased inventories in the United States.
“Chinese gasoline losses are expected to climb over the coming months at a time of sluggish domestic demand due to the government’s prolonged COVID-19 mobility restrictions,” the DOE Oil Monitor showed, adding that “the week-on-week price of Dubai crude has decreased by almost $3.20/bbl; as well as the MOPS gasoline, diesel, and kerosene by about $1.60, $4.50, and $3.70 per barrel, respectively.”
Effective Nov. 22, oil companies also implemented a uniform per liter decrease in gasoline by P0.40, diesel by P2.15, and kerosene by P2.10.
These resulted in the year-to-date total adjustments to stand at a net increase of P17.75/liter for gasoline, P33.85/liter for diesel, and P27.85/liter for kerosene, the DOE added./CGC
