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After four weeks of price hikes, fuel companies will lower petroleum prices starting Tuesday, October 22.
Seaoil and Shell Pilipinas announced on Monday that gasoline will drop by 50 centavos per liter, while diesel will decrease by 70 centavos per liter.
Kerosene prices would also decrease by 85 centavos a liter.
The slight decline in pump prices could be attributed to the “de-escalating” conflict in the Middle East, said Rodela Romero, director of the Department of Energy (DOE) Oil Industry Management Bureau.
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The DOE official also saw a potential crude supply surplus in early 2025.
“Oil demand growth to slow down in 2025 due to vehicle efficiency upgrade and the slowing economy of China,” she added.
Last week, fuel firms increased pump prices by as much as P2.70 per liter.