Gas Companies Set to Impose Another Oil Price Rollback This Week
OIL PRICE UPDATE – Gas companies announced another rounds of oil price rollback starting November 21, 2023 (Tuesday).
Gasoline prices are set to decrease for the third consecutive week, while diesel and kerosene will experience their fourth consecutive week of price cuts. Despite these reductions, it’s important to note that there have been overall increases in prices throughout the year.
Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. announced that they would be lowering prices of gasoline by P0.75 per liter, diesel by P0.65 per liter, and kerosene by P0.60 per liter.
Cleanfuel will also be making similar adjustments, excluding kerosene as it is not part of their products.
The price adjustments will take effect at 6 a.m. on Tuesday, while Cleanfuel will implement the changes slightly earlier at 12:01 a.m. on the same day.
Other gasoline stations have not yet made similar announcements for this week, as of this writing.
The Department of Energy (DOE) earlier said that pump prices would either stay the same or decline this week. This was due to slower demand in the United States and China, increased petroleum inventories in the United States, and signs of decreasing demand in Asia.
In the previous week, companies reduced prices by P0.70 per liter for gasoline, P3.00 per liter for diesel, and P2.30 per liter for kerosene.
Despite these recent drops, year-to-date DOE records show net increases — P13.05 per liter for gasoline, P6.35 for diesel, and P1.69 for kerosene as of November 14, 2023.
Furthermore, this is the fourth consecutive week of drop in oil prices, which corresponds to the Department of Energy’s estimate that pump prices will keep falling due to a projected excess in global supply until the second quarter of 2024.