The country’s oil firms cut pump prices by P2.15 for diesel, P2.10 per liter for kerosene, and P0.40 per liter for gasoline effective 6 a.m. Tuesday – slightly lower rollbacks than the forecast made over the weekend.
“Petron will implement the following price rollbacks effective 6 a.m. on November 22: P0.40 per liter for gasoline, P2.15 per liter for diesel, and P2.10 per liter for kerosene. These reflect movements in the international oil market,” Petron Corp. said in an advisory.
PTT Philippines, Phoenix Petroleum Philippines, Seaoil Philippines, PetroGazz, Cleanfuel and Chevron Philippines also cut pump prices.
The rollbacks were a bit lower than the initial forecast of P2.10 to P2.30 per liter for diesel and P0.80 to P0.90 per liter for gasoline.
Department of Energy director for the Oil Industry Management Bureau Rodela Romero said this was due to an increase in freight cost and premium for ethanol products.
Romero said the price rollbacks were “due to the COVID surge in China, the interest rates hike, and the OPEC cuts in its forecast for 2022 global oil demand growth.”
On November 15, oil firms raised the price of gasoline by P0.90 per liter and kerosene by P1.35 per liter while implementing a P0.30 per liter rollback for diesel.
These resulted in total year-to-date adjustments to stand at a net increase of P18.15 per liter for gasoline, P36 per liter for diesel, and P27.25 per liter for kerosene.