Gasoline prices down by P0.85/liter, diesel by P3.95/liter Tuesday

Motorists will be greeted with lower pump prices of petroleum products this week, as oil firms on Monday announced another round of rollbacks.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. said they will cut down prices per liter of gasoline by P0.85, diesel by P3.95, and kerosene by P2.95.

Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will implement the same changes, excluding kerosene which they do not carry.

The changes will take effect at 6 a.m. on Tuesday, November 29, for all the firms except for Caltex and Cleanfuel which will both adjust prices at 12:01 a.m. the same day.

Other firms have yet to make similar announcements for the week.

The latest adjustments mark the second straight week of rollbacks for gasoline, and the sixth for both diesel and kerosene.

Latest data available from the Department of Energy (DOE) show that year-to-date total adjustments stood at a net increase of P17.75 per liter for gasoline, P33.85 per liter for diesel, and P27.85 per liter for kerosene as of November 22, 2022.

A representative of the DOE’s Oil Industry Management Bureau (OIMB) last week said price cuts are expected due to the impact of higher COVID-19 cases in mainland China on fuel demand, the higher crude inventory in the United States, and the price cap imposed on Russian crude.—AOL, GMA Integrated News