Gasoline, diesel, kerosene prices down Tuesday

Motorists will get a slight reprieve this week as fuel retailers on Monday announced a rollback, following several straight weeks of pump price hikes.

In separate advisories, Petron Corp.,Seaoil Philippines Corp. and Shell Pilipinas Corp., and Unioil Petroleum Philippines Inc. said they will cut prices per liter of gasoline by P0.50, diesel by P0.70, and kerosene by P0.85.

Cleanfuel and Petro Gazz will implement the same changes, excluding kerosene which they do not carry.

The price adjustments will take effect at 6 a.m. on Tuesday, October 22, for all the firms except for Cleanfuel which will cut prices at 12:01 a.m. the same day..

Other firms have yet to make similar announcements for the week.

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) earlier projected a rollback for this week, citing deescalating tensions in the Middle East, the potential crude supply surplus in 2025, and the expected oil demand growth slowdown in the coming year.

Firms last week increased prices per liter of gasoline by P2.65, diesel by P2.70, and kerosene by P2.60.

This brought year-to-date adjustments to a net increase of P9.05 per liter for gasoline and P6.75 per liter for diesel, and a net decrease of P2.75 per liter for kerosene as of October 15, 2024. —KBK/RF, GMA Integrated News