From November 19, lasting until the next Monday, November 25, 2024, gasoline prices have decreased by P0.85 while kerosene prices have dropped by P0.90.

However, the price of diesel has increased by P0.75 per liter.

News Image #1

(Photo by Dexter Terante)

According to Rodela Romero, Director of the Department of Energy Oil Industry Management Bureau, the demand for petroleum products has decreased. This is in line with the estimates of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia.

The US Energy Information Administration has also lowered its 2025 crude price forecast, as oil production is expected to increase.

Meanwhile, the value of the peso against the dollar is decreasing. Yesterday, November 19, 2024, it stood at P58.81 for every $1.