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Manila Bulletin

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Fuel prices to drop on Tuesday

Business

Fuel prices to drop on Tuesday

By Gabriell Christel Galang

Consumers can expect lower fuel prices starting Tuesday, Nov. 19, following a series of oil price hikes.

This month's third adjustment will see gasoline drop by P0.85 per liter, diesel by P0.75 per liter, and kerosene by P0.90 per liter.

Several companies, including Shell Pilipinas, PetroGazz, Clean Fuel, and Seaoil, have announced price rollbacks after last week's diesel and kerosene price hike.

This price decline is attributed to easing global oil demand, despite limited diesel and gasoline supply from China.

Leo Bellas, president of Jetti Petroleum, explained that China's reduced exports have established a floor price for fuel. While motorists will see some relief this week, prices are unlikely to drop significantly.

Last week, gasoline prices in Metro Manila ranged from P60.15 to P65.63 per liter, while diesel was around P57.25 to P65.70 per liter.

The Department of Energy (DOE) noted that the week-on-week Dubai crude price increased by $1.70 per barrel, while the Philippine peso depreciated by P0.23 against the US dollar, weakening to P58.49 from P58.26.

Despite marginal declines this week, oil prices are still anticipated to rise due to global events.

On Nov. 12, Capital Economics stated that the incoming United States president-elect could enforce sanctions on Iran's oil trade, citing his withdrawal from the nuclear deal with Iran in 2018.

"This involved enforcing secondary sanctions on ports and traders that handled Iranian oil and resulted in a marked fall in Iran's oil exports and its production," Capital Economics said.

Analysts believe that tensions in Iran, which could disrupt global oil supplies, may lead to higher fuel prices in the future. Capital Economics noted that investors are concerned about potential retaliation from other countries and the possibility of Iran blocking a key shipping route, which could further increase oil prices.

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