Gasoline prices down for 3rd straight week Tuesday; diesel, kerosene for fourth

Pump prices of petroleum products will be rolled back on Tuesday to mark the third straight week of price cuts for gasoline and the fourth for both diesel and kerosene, but year-to-date net increases remain.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will reduce prices per liter of gasoline by P0.75, diesel by P0.65, and kerosene by P0.60.

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

The changes will take effect at 6 a.m. on Tuesday, November 21, for all the firms except for Cleanfuel which will implement the adjustments at 12:01 a.m. the same day.

Other firms have yet to make similar announcements for the week as of posting time.

The Department of Energy (DOE) earlier said pump prices are expected to either remain the same or decrease this week, due to the slowing demand in the United States and China, the increase in US crude inventories, and the signs of easing demand in Asia.

Firms last week rolled back prices per liter of gasoline by P0.70, diesel by P3.00, and kerosene by P2.30.

Data from the DOE, however, still indicate year-to-date net increases — P13.05 per liter for gasoline, P6.35 per liter for diesel, and P1.69 per liter for kerosene as of November 14, 2023. —KBK/RF, GMA Integrated News