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Motorists queue for fuel at a gas station in Pasig City. Mark Demayo, ABS-CBN News/File

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Motorists queue for fuel at a gas station in Pasig City. Mark Demayo, ABS-CBN News/File



Benise Balaoing

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:958px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1731892739265172008154446120221010-oil-price-hike-MD--7.jpg" class="fr-fic fr-dib" style="width:958px"/><span class="fr-inner" style="text-align:left">Motorists queue for fuel at a gas station in Pasig City. <em>Mark Demayo, ABS-CBN News/File</em></span></span></span></div><div><em> </em></div><div style="text-align:left"><em></em></div><p>MANILA (UPDATE) — After a series of hikes, fuel prices are set to drop on Nov. 19, oil firms announced Monday.</p><p>The following rollback will take effect on Tuesday. <span id="isPasted" style="caret-color:rgb(0, 0, 0);color:rgb(0, 0, 0)"></span><br/></p><div style="line-height:1"><strong>SHELL PILIPINAS, SEAOIL, CALTEX (effective 6 a.m.) </strong></div><p style="line-height:1">Gasoline - P0.85/liter decrease<br/>Kerosene - P0.90/liter decrease<br/>Diesel - P0.75//liter decrease</p><div style="line-height:1"><strong>PETRO GAZZ, PTT PHILIPPINES, JETTI PETROLEUM (effective 6 a.m.) </strong></div><p style="line-height:1">Gasoline - P0.85/liter decrease</p><p style="line-height:1">Diesel - P0.75//liter decrease</p><div style="line-height:1"><strong>CLEAN FUEL (effective 12:01 a.m.) </strong></div><p style="line-height:1">Gasoline - P0.85/liter decrease</p><p style="line-height:1">Diesel - P0.75//liter decrease</p><p>Department of Energy Assistant Director Rodela Romero said the main reasons for the price reduction are weaker demand and the oil demand forecast for next year.</p><p>Romero also revealed that oil firms have filed a motion for reconsideration of the Supreme Court decision siding with the government on the issue of &quot;unbundling&quot; of fuel prices.</p><p>A few weeks back, the high court declared that the DOE has the power to ask oil firms to divulge cost components despite the oil deregulation law. </p><p>However the DOE has yet to compel oil firms to submit cost components, pending the issuance of an information template that will be filled in by oil firms, indicating some costs that would explain any price adjustment in the retail price of fuel.</p>

<p>After a series of hikes, fuel prices are set to drop on Nov. 19, oil firms announced Monday.</p>

After a series of hikes, fuel prices are set to drop on Nov. 19, oil firms announced Monday.

Oil prices fall on Nov. 19 after series of hikes

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Oil prices fall on Nov. 19 after series of hikes

Benise Balaoing,

ABS-CBN News

Published Nov 18, 2024 09:45 AM PHT

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Updated Nov 18, 2024 03:52 PM PHT

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