Fuel Companies to Implement Oil Price Adjustment This Week
The fuel companies in the Philippines are set to impose oil price roll back starting on Tuesday (August 24, 2021).
Nowadays, the cost of petroleum products plays a very important role to the global economy. Oil price movement affects the prices of various services and products that needs transportation.
Fuel price reduction gives a relief to the Filipino people especially to those who were driving vehicles to reach their destination.
Several oil firms in the country announced an upcoming price adjustment of petroleum products. It would be the second consecutive weeks of rollback on prices of petroleum products.
Gas stations including Shell, Cleanfuel, Caltex, Seaoil, and Petro Gazz would implement P0.80 reduction per liter of gasoline and P0.75 cut off per liter of diesel. Shell, Caltex and Seaoil would impose P0.90 cut off per liter of kerosene.
The oil price adjustment would take effect on Tuesday (August 24). Most firms would implement the price changes at 6:00 am except for Caltex, which would start as early as 12:01 am. Cleanfuel would implement the adjustments at 8:00 am on the same day.
Last week, the prices of diesel and kerosene reduced but the gasoline prices remained the same.
The field experts explained that oil price rollback usually happens when the numbers of COVID-19 lockdown all around the world increases. The rollback is expected to cut off a huge amount from oil price but the surging price of ethanol hinders the price reductions.
What can you say about this recent price changes? Just feel free to leave your comments and reactions to this article.
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