Diesel prices drop almost P4/liter today

Diesel prices drop almost P4/liter today

MANILA: On November 29, the oil industry implemented a second wave of fuel price reductions.

KEY TAKEAWAYS

  • Since the rollback last week and today (Nov. 29), how much has fuel prices adjusted this 2022?

    With the price reductions last week, this year's net revisions to fuel prices were +P28.20 for gasoline, +P40.85 for diesel, and +P33.90 for kerosene per liter.
  • Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell each said separately that they will reduce diesel costs by P3.95 per liter and gasoline prices by P0.85 per liter.

    Prices for kerosene have also been reduced by P2.65 per liter by Caltex, Seaoil, and Shell. Other oil companies have done the same. At 12:01 a.m., the reversal in oil prices began.

    Industry sources claim that despite the Organization of the Petroleum Exporting Countries and its allies' (OPEC+) reduction in output this month, crude oil prices have fallen on the international market in the last three weeks.

    The main driver of the decline in oil prices continues to be concerns about demand caused by Covid-19 cases in China and its government's zero-Covid policy.

    With the price reductions last week, this year's net revisions to fuel prices were +P28.20 for gasoline, +P40.85 for diesel, and +P33.90 for kerosene per liter.

    Photo from Pilipinas Shell

    Also read: 4 tips guaranteed to help you save fuel, starring the Honda Brio RS

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