INQUIRER FILE PHOTO
Rollback of pump prices of petroleum products by as much as 75 centavos per liter will be implemented on Tuesday, November 21.
This is because of slowing global demand of these products.
READ: OPEC+ to consider whether more oil cuts needed – sources
In separate advisories, local oil firms said they would slash the prices of gasoline by P0.75 per liter and diesel by P0.65 per liter. The price of kerosene will likewise decline by P0.60 per liter.
Shell and Seaoil will implement the rollbacks by 6 a.m., followed by CleanFuel at 4:01 p.m.
READ: Oil firms roll back fuel prices by up to P3 per liter
Cuts in Fuel prices due to low demand
According to the Department of Energy Oil Industry Management Bureau, this is due mainly to lower demand in the United States and China, as well as an increase in weekly crude inventories.
This marks the fourth consecutive week of rollbacks for diesel and kerosene, and the third for gasoline.
READ: Fuel prices in 5 gas stations in Cebu City: Diesel down by P1.10, gasoline by 45 cents
Last week, pump prices declined by P3 per liter for diesel, P0.70 per liter for gasoline and P2.30 per liter for kerosene.
/dbs