Fuel prices down for second straight week

MANILA, Philippines — A fresh wave of hefty rollbacks at the pumps will be implemented today.

In separate advisories, Shell, Caltex and Seaoil announced that pump prices of gasoline will decline by P1 per liter, diesel by P1.30 per liter and kerosene by P1.65 per liter.

Petro Gazz, Cleanfuel, PTT Philippines and Jetti will apply the same price movements, except for kerosene, which they do not offer.

The latest adjustments, which mark the second straight week of cuts, would bring the year-to-date net increase for gasoline and diesel to P4.85 and P1.75 per liter, respectively.

Kerosene, on the other hand, would have a year-to-date net decrease of P6.35 per liter.

Earlier, the Department of Energy said sluggish global demand prospects and expectations of oil oversupply have exerted downward pressure on domestic pump prices.

In its September oil market report, OPEC+ cut its global oil demand forecast this year by 80,000 barrels per day to 2.03 million b/d from 2.11 million b/d in the previous month’s assessment.

The oil demand growth forecast was likewise trimmed for next year by 40,000 b/d to 1.74 million b/d.

Last Tuesday, oil firms reduced pump prices of gasoline, diesel and kerosene by P1.55, P1.30 and P1.40 per liter, respectively.