Oil firms will implement price rollback on petroleum products by less than PHP1 per liter starting Nov. 1.
In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will slash gasoline prices by PHP0.25 per liter and PHP0.60 per liter on diesel prices.
Caltex, Seaoil, and Shell will also reduce kerosene prices by PHP0.25 per liter.
Other oil firms are expected to follow suit.
Despite the announcement of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to make its biggest output cut since the onset of the pandemic, the World Bank projected that oil prices in the global market would decline next year.
“Since the outbreak of the war in Ukraine, energy prices have been quite volatile but are now expected to decline. After surging by about 60 percent in 2022, energy prices are projected to decline 11 percent in 2023,” the World Bank said in a statement last week.
As of writing, West Texas Intermediate (WTI) was trading at USD87.18 per barrel, down by 0.82 percent, while Brent crude also declined by 0.84 percent to USD94.97 a barrel.
On the other hand, Dubai crude last Friday was steady at USD91.11 per barrel. (PNA)