Oil Price Rollback Expected on Tuesday (November 19, 2024), Gas Stations Say
FUEL PRICE UPDATE – Various gasoline stations in the country were set to impose an oil price rollback this week.
Starting on Tuesday, November 19, 2024, fuel prices are set to go down after a series of recent price hikes. The oil price drop will come as a welcome relief for many Filipino motorists in the country.
Several gas stations, including Shell Pilipinas, Seaoil, Cleanfuel, and Petro Gazz, have announced the rollback. Gasoline prices will go down by P0.85 per liter, diesel by P0.75 per liter, and kerosene by P0.90 per liter.
Cleanfuel will start the fuel price reduction a bit earlier at 12:01 a.m., while the other stations will follow at 6 a.m.
The decrease in prices is due to lower global oil demand forecasts and China’s economic plans falling short of expectations.
The Organization of the Petroleum Exporting Countries and the U.S. Energy Information Administration have also lowered their oil price projections, which has led to this rollback.
Last week, fuel prices went up quite a bit, with gasoline increasing by P1.50 per liter, diesel by P2.10, and kerosene by P1.20. So, this rollback will give motorists a bit of relief after the tough price hikes.
The Department of Energy (DOE) had already predicted the price cut, pointing to weaker global oil market conditions. So far this year, the overall price for gasoline has gone up by about P8.65 per liter, and diesel by P7.30, but kerosene has actually dropped by P2.60 per liter.
Other gas stations may follow with similar announcements, so stay tuned for more updates.
In a previous report, oil companies to roll back fuel prices next week
The social media users expressed their reactions to the announcement:
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