Fuel price rollback offers relief to motorists
Fuel 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.
(FILE PHOTO) A gas station attendant adjusted the fuel prices on 17 September 2024. Starting on that date, gasoline prices will decrease by at least P1 per liter, diesel by P1.30, and kerosene by P1.65. This reduction is due to weak global demand and concerns about oversupply, especially from China and the U.S. Recent data indicates that gasoline and diesel prices have increased by P5.85 and P3.05 per liter to date, respectively. This price reduction follows similar cuts from the previous week, driven by low demand and plans by oil-producing nations to boost output.
Yummie Dingding
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.