Metro Manila, Philippines — Fuel would be cheaper this week as oil companies announced a price cut beginning Tuesday, Nov. 19.
In separate advisories on Monday, Caltex, Cleanfuel and Seaoil said they will cut per-liter prices of diesel by P0.75 and gasoline by P0.85.
Caltex and Seaoil said kerosene would be cheaper by P0.90 per liter.
Oil firms previously imposed a hefty fuel price increase.
The Department of Energy earlier said possible reasons of the price rollback are:
+ OPEC+ has lowered oil demand forecast for the fourth time
+ the United States Energy Information Administration has trimmed down its 2025 crude price forecast by $1.53 per barrel citing the potential for higher global oil production
+ the weak economy of China as investors maintained a pessimistic outlook on Chinese demand.
