Motorists can finally breathe a sigh of relief as fuel prices are set to decline starting Tuesday, November 19, following last week’s significant hikes.
In separate announcements, Seaoil, Petro Gazz, CleanFuel, and Shell Pilipinas confirmed reductions in petroleum product prices. Diesel will see a cut of 75 centavos per liter, gasoline prices will drop by 85 centavos per liter, and kerosene will decrease by 90 centavos per liter.
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, explained that the price cuts are linked to weaker global demand forecasts. The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia, projected a dip in demand.
Additionally, the U.S. Energy Information Administration recently lowered its crude price forecast for 2025, citing expectations of increased oil production. Romero also highlighted China’s sluggish demand for crude oil, which could further drive prices downward.
This adjustment follows last week’s price hikes, where motorists faced increases of up to P2.10 per liter on petroleum products.
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