OIL companies will have another reduction in their prices starting November 14, 2023, Tuesday.

In separate advisories, Pilipinas Shell and Seaoil said that effective 6 a.m., gasoline prices will be reduced by P0.70/L.

Kerosene on the other hand will be slashed by P2.30/L and diesel will have the biggest reduction of P3.00/L.

Cleanfuel will have the same adjustment except for kerosene which they do not carry. It is effective at 12.01 a.m.

PetroGazz on the other hand will have the same increase except for kerosene which they also do not carry.

Earlier Department of Energy (DOE) Oil Industry Management Bureau Director Rino Abad noted that the prices were falling because constraints on global supply seemed to be easing.

"As of November 3, malaki na ho ang binago doon sa ine-expect eating undersupply. Bagkus baliktad na, by December magkakaroon raw ng konting oversupply," he told TeleRadyo Serbisyo.