Oil companies rolled back pump prices of diesel fuel by as much as P1.10 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.
The oil firms also cut the price of kerosene by P1.05 per liter and by P0.45 per liter for gasoline.
“These reflect movements in the international oil market,” Petron Corp. said in its advisory.
Industry sources said last week there would be a rollback for diesel at P1 to P1.30 per liter, kerosene at P0.85 to P1.05 per liter, and gasoline by P0.40 to P0.70 per liter.
The Department of Energy said these price adjustments resulted in a year-to-date net increase of P14.20 per liter for gasoline, P10.45 per liter for diesel, and P5.04 per liter for kerosene.
On Nov. 1, oil companies raised the price of cooking gas or liquefied petroleum gas (LPG) by P0.45 to P0.50 per kilo per kilo, equivalent to P4.95 to P5.50 per kilo for an 11-kilo tank used primarily by households.
DOE director for the oil industry management bureau Rodela Romero confirmed on Friday the anticipated rollback in pump prices based on the four-day trading.
“We will be expecting another round of rollback on prices of petroleum products. This rollback adjustment is attributed to the contained situation of the Israel-Hamas war; additional crude production outputs from OPEC and US; slowing fuel demand growth due to weakening global economic growth,” Romero said.
On Oct. 31, 2023, the oil companies made mixed adjustments to the price of petroleum products.
The firms cut the price of kerosene and diesel by P1.20 and P1.25 per liter, respectively, but hiked the price of gasoline by P0.45 per liter.