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Oil prices slashed for 4th straight week

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Diesel prices is forecast to increase by P6 to P6.85 per liter, gasoline prices at P1.20 to P1.40 per liter, and kerosene prices by P3.50 to P3.70 per liter. Mark Demayo, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/tvpatrol/01/23/20221010-oil-price-hike-md.jpg"/><figcaption>Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Diesel prices is forecast to increase by P6 to P6.85 per liter, gasoline prices at P1.20 to P1.40 per liter, and kerosene prices by P3.50 to P3.70 per liter. Mark Demayo, ABS-CBN News</figcaption></figure></div>MANILA -- Oil prices are rolling back anew on Tuesday.Petroleum companies on Monday announced the following rollbacks effective November 21:PILIPINAS SHELL, SEAOIL (effective 6 a.m.) Gasoline - P0.75/L (decrease) Kerosene - P0.60/L (decrease) Diesel - P0.65/L (decrease)CLEANFUEL (effective 12:01 a.m.) Gasoline - P0.75/L (decrease) Diesel - P0.65/L (decrease)PETROGAZZ (effective 6 a.m.) Gasoline - P0.75/L (decrease) Diesel - P0.65/L (decrease)CALTEX (effective 12:01 a.m.) Gasoline - P0.75/L (decrease) Kerosene - P0.60/L (decrease) Diesel - P0.65/L (decrease)The Department of Energy (DOE) said the main reason for the reduced prices at the world market is increased supply amid weakened demand.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/17/23/oil-prices-may-hold-steady-or-see-slight-rollback-official">Oil prices may hold steady or see slight rollback, says official</a></li></ul>THe tension in the Gaza strip has also been contained in the Middle East, the DOE said.DOE Assistant Director Rodela Romero said there is a possibility that the downward trend will continue in the next few days as long as there will be no geopolitical incidents that can affect supply.Based on DOE&#x27;s monitoring, diesel currently retails at P54.25/L to P66.70/L, with the lowest priced diesel at Rephil branch along Susano Road, Novaliches, Quezon City.Gasoline with 95-octane rating, on the other hand, sells for P56.10/L to P76.10/L, with the cheapest gasoline at the Metro Oil station in North Fairview, Quezon City.Overall, despite the 2 consecutive rollbacks, there is still a net increase for all fuel products:Gasoline - P12.30/L Diesel - P5.70/L Kerosene - P1.09/L<div>TRANSPORT GROUPS&#x27; PROMISE</div>Leaders of transport groups have reiterated their promise to voluntarily reduce the minimum jeepney fares by P1 once diesel prices go down to P56 to P57/liter.While the price of diesel in Rephil Susano Road is only at P54.25/liter, other stations still sell diesel at over P60/liter.Roberto Martin, Pasang Masda president says the P1 reduction in the minimum fare will only happen if the big 3 oil players--Pilipinas Shell, Petron, and Caltex--sell diesel at P56-P57/L.The DOE said the most common price today is still at P62/liter.But the Land Transportation Franchising and Regulatory Board (LTFRB) explained that transport groups need to formalize their promise thru a formal manifestation with the board.LTFRB Executive Director Robert Peig said the board will have to issue a decision regarding any changes in the minimum jeepney fare, since bringing down the fare without authority from the board is also undercharging, which is prohibited by law.