According to Oil companies implement hefty price rollbacks | Inquirer News, drivers were met with massive reductions in the cost of petroleum products at the pump on November 14. Local oil firms have slashed rates by as much as P3 per liter, citing a drop in demand worldwide.
The oil firms reduced the price of fuel by P3 per liter and gasoline by P0.70 per liter in separate warnings. According to Oil companies implement hefty price rollbacks | Inquirer News, similarly, kerosene became cheaper by P2.30 per liter.
The price changes were enacted by Caltex at 12:01 a.m., and by Shell and Seaoil at 6 a.m.
The price reductions were brought on, according to the Department of Energy's Oil Industry Management Bureau, by a decline in US demand and a decline in Chinese exports.
According to Oil companies implement hefty price rollbacks | Inquirer News, diesel and kerosene prices have dropped for three weeks running, while gasoline prices have dropped for two weeks.
For gasoline, diesel, and kerosene, the discounts at the pump were P0.45, P1.10, and P1.05 respectively, from the previous week.