Fuel price rollback expected this week

CITY OF SAN FERNANDO --- A rollback in the prices of gasoline, diesel, and kerosene is expected between November 7-13, 2023.

Major oil firms in the country announced over the weekend that the price of gasoline may be cut by P0.40 to P0.60 per liter, after an increase of P0.45 per liter on October 31,

Diesel is expected to drop by P1 to P1.30 per liter, while kerosene could decrease by P0.80 to P1.05 per liter, consecutive rollbacks after price cuts of by P1.20 and P1.25 per liter, respectively on October 31.

The Department of Energy-Oil Industry Management Bureau said the rollback is attributed to the additional crude production outputs from the Organization of the Petroleum Exporting Countries and United States.

The slowing fuel demand due to weakening global economic growth resulted in increased supply, plus events in the Middle East, like the Israel-Hamas war.

The DOE added that the fuel price adjustments on October 31 have resulted in a year-to-date increase of P14.20 per liter for gasoline, P10.45 per liter for diesel, and P5.04 per liter for kerosene.

Oil companies are expected to adjust fuel prices on Tuesday.

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