November 19, 2024 | 12:00am
MANILA, Philippines — Following three straight weeks of hikes, pump prices of petroleum products are poised to go down by less than P1 per liter today.
In separate advisories, Shell, Caltex and Seaoil announced downward adjustments of P0.85 per liter for gasoline, P0.75 per liter for diesel and P0.90 per liter for kerosene.
PetroGazz, Cleanfuel, PTT Philippines and Jetti would implement the same price movements, except for kerosene, which they do not offer.
The rollback, according to the Department of Energy, was propelled by the decision of producer group OPEC+ to trim its forecasts for global oil demand growth this year and next for the fourth time.
The lower crude price forecast in 2025 due to a potential increase in global output, coupled with the weak economy of China that maintained a pessimistic demand outlook, also exerted downward pressure in domestic pumps.
These latest adjustments bring down the year-to-date net increase for gasoline and diesel to P9.30 and P8.65 per liter, respectively.
Kerosene, on the other hand, has decreased by P2.30 per liter since January.
Last week, prices of gasoline, diesel and kerosene climbed by P1.50, P2.10 and P1.20 per liter, respectively.
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