Fuel ​price ​rollback ​offers ​relief to ​motorists

After three consecutive weeks of price hikes, motorists can finally breathe a sigh of relief this week as fuel retailers are set to implement a price rollback at local pumps starting tomorrow morning.

In separate advisories, companies confirmed a price reduction of P0.85 per liter for gasoline, P0.75 per liter for diesel, and P0.90 per liter for kerosene.

The Department of Energy explained that the rollback was influenced by several factors, including OPEC+'s decision to revise its oil demand forecasts downward for the fourth time, signaling weaker global consumption expectations.

In addition, the US Energy Information Administration lowered its 2025 crude oil price forecast by $1.53 per barrel, citing the potential for higher global oil production.

The underperformance of China's economy also played a significant role, with investors maintaining a pessimistic outlook on the country's oil demand.

Last week, oil companies raised prices by P1.50 per liter for gasoline, P2.10 per liter for diesel, and P1.20 per liter for kerosene.

As of 12 November, the cumulative price adjustment for gasoline and diesel stands at a net increase of P10.15 per liter and P9.40 per liter, respectively. Meanwhile, kerosene has experienced a net decrease of P1.40 per liter.