Pump Prices Drop Over P2/Liter Tuesday, Oil Firms Say
On Monday (May 8, 2023), oil firms have announced a significant decrease in pump prices for the third consecutive week.
Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. will reduce prices per liter of gasoline by P2.20, diesel by P2.70, and kerosene by P2.55. Petro Gazz will also impose the same adjustments, except for kerosene, which it does not carry.
The price adjustments will take effect at 6 am on Tuesday (May 9, 2023).
The decreasing trend in pump prices is a welcome relief for motorists, especially as fuel costs have been on the rise over the past few months. The price drops come as a result of a decline in global oil prices and a stable foreign exchange rate.
Other oil firms reduced gasoline rates by P1.50 per liter, diesel prices by P1.30, and kerosene prices by P1.40 last week.
As of May 2, 2023, the Department of Energy (DOE) recorded a net gain of P6.05 per liter for gasoline and net declines of P4.35 per liter for diesel and P4.95 per liter for kerosene.
While other firms have yet to make similar announcements for this week, the downward trend in pump prices is a positive development for motorists. Cheaper fuel prices can provide some relief for commuters and businesses that rely on transportation, as it could help reduce the cost of goods and services.
Motorists are advised to monitor pump prices and plan their trips accordingly to maximize fuel savings.
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