Home Economy Minimal Decrease in Fuel Prices Announced for November 21

Minimal Decrease in Fuel Prices Announced for November 21

Philippines – Several oil companies have announced a minimal decrease in pump prices starting Tuesday morning, marking a downward trend in fuel costs for the past few weeks. This reduction comes as a relief to consumers amidst fluctuating global oil prices.

According to Philippines News Agency, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell, gasoline prices will see a rollback of PHP0.75 per liter, and diesel prices will decrease by PHP0.65 per liter. Additionally, Caltex, Seaoil, and Shell will reduce kerosene prices by PHP0.60 per liter, with other oil firms expected to follow suit. This latest adjustment means that gasoline prices have dropped for three consecutive weeks, while diesel and kerosene prices have declined for four weeks.

The Department of Energy reports that the current price range for gasoline is PHP57.10 to PHP85.70 per liter, diesel is PHP54.25 to PHP79.85 per liter, and kerosene is PHP72 to PHP82.60 per liter. Meanwhile, OilPrice.com's data indicates that West Texas Intermediate is trading at USD76.45 a barrel, and Brent crude stands at USD81.23 per barrel, reflecting the global oil market dynamics.

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