The Philippines is witnessing a significant decline in oil prices for the fourth consecutive week. Major petroleum companies announced rollbacks effective November 21, with PILIPINAS SHELL, SEAOIL, CLEANFUEL, PETROGAZZ, and CALTEX reducing prices for gasoline, kerosene, and diesel. The reductions are as follows:
- Gasoline: ₱0.75 per liter decrease
- Kerosene: ₱0.60 per liter decrease
- Diesel: ₱0.65 per liter decrease
The Department of Energy (DOE) attributes this decrease to an increased supply in the global market amidst weakened demand. Additionally, the stabilization of tensions in the Gaza strip has been cited as a contributing factor. DOE Assistant Director Rodela Romero suggests that this downward trend in oil prices might continue in the coming days, provided there are no geopolitical incidents affecting supply.
Despite these consecutive rollbacks, there is still a net increase in fuel prices:
- Gasoline: ₱12.30 per liter
- Diesel: ₱5.70 per liter
- Kerosene: ₱1.09 per liter
In response to these price changes, leaders of transport groups have promised to voluntarily reduce the minimum jeepney fares by ₱1 once diesel prices reach ₱56 to ₱57 per liter. This reduction is contingent on the big three oil players—Pilipinas Shell, Petron, and Caltex—selling diesel within this price range. The DOE reports that the most common price for diesel is still around ₱62 per liter.
The Land Transportation Franchising and Regulatory Board (LTFRB) has clarified that any changes in the minimum jeepney fare must be formalized through a formal manifestation with the board. LTFRB Executive Director Robert Peig emphasized that fare reductions without the board’s authority would be considered undercharging, which is prohibited by law