Gasoline, Diesel, and Kerosene Prices Drop over P1/liter Tuesday, Oil Companies Say
Oil companies are set to implement a rollback on prices of gasoline, diesel, and kerosene for the second straight week.
Effective from May 2, 2023, Pilipinas Shell Petroleum Corp. announced a P1.50 per liter price reduction for gasoline, P1.30 per liter for diesel, and P1.40 per liter for kerosene. The changes will take effect at 6 am. on Tuesday (May 2, 2023).
This development came after oil firms decreased gasoline prices by P1.40 per liter, diesel by P0.70 per liter, and kerosene by P0.20 per liter the previous week. Other firms have yet to make similar announcements for the current week.
The price reduction is a welcome development for Filipino motorists and households, as fuel prices have been on the rise for the past months. High fuel prices have a domino effect on transportation fares and basic goods’ prices, making it difficult for Filipinos to make ends meet, especially during the pandemic.
As fuel prices are an essential commodity, the Philippine government has implemented several measures such as Pantawid Pasada program to cushion the impact of high fuel prices on consumers.
While the price drop is beneficial for consumers, oil companies are affected by the downward trend in fuel prices. The oil industry is a highly volatile sector, and companies often face financial losses due to fluctuating prices and demand.
The decrease in fuel prices is a temporary reprieve for consumers, and it is uncertain whether prices will continue to decrease or rebound.
As of April 25, 2023, the Department of Energy (DOE) released the latest data available indicating the year-to-date surge of P7.55 per liter for gasoline, and net losses of P3.05 per liter for diesel and P3.55 per liter for kerosene.
What can you say about the upcoming oil price adjustment? Just feel free to leave your comments and reactions to this article.