Oil price rollback this week

After several weeks of increases, the prices of petroleum products in the domestic pumps will be on a decline this week starting Tuesday, 22 November.

In separate advisories on Monday, oil companies announced that diesel prices will roll back by P2.15 per liter and kerosene prices by P2.10 per liter.

Gasoline prices will also decline but by a minimal P0.40 per liter only.

Based on oil monitoring data from the Department of Energy, the cumulative increase in gasoline price as of 15 November stood at P17.25 per liter, diesel at P36.30 per liter, and kerosene at P28.60 per liter.

Oil companies announce price adjustments every Monday to be implemented the morning of the following day.

They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.