Another oil price rollback effective 6 December

Motorists get another relief in their fuel expenses this week amid cuts in the prices of petroleum products in the domestic pumps for the third straight week.

In separate advisories on Monday, local oil companies announced that gasoline prices will be rolled back by P1.95 per liter and diesel by P1.90 per liter. Kerosene prices will also decline by P.165 per liter.

The adjustments will be effective starting today, 6 December.

The Department of Energy said the price reductions were due to lower regional demand caused by the return of Covid-19 lockdowns in China. Higher crude inventory and the price cap imposed on Russian crude also contributed to the cost downswing.

At press time, the DoE has yet to update the data on its weekly oil price monitoring, but figures as of 22 November showed the cumulative increase in gasoline price stood at P18.15 per liter, diesel at P36 per liter, and kerosene at P29.95 per liter.

Meanwhile, prevailing gasoline prices in Quezon City, Metro Manila's largest city, range from P59.75 to P70.25 per liter as of 3 December.

Diesel prices range from P66.10 to P76.05 per liter in Makati City, the country's top financial hub. In Manila, kerosene sells from P75.71 to P84.35 per liter.

Oil companies announce price adjustments every Monday to be implemented 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.