Oil Price Rollback Expected on Tuesday (June 20, 2023), Gas Stations Say
In a welcome development for motorists, oil companies have announced an oil price rollback in pump prices that will take effect on Tuesday. This comes as a relief following the significant price hike witnessed in the past week.
Separate advisories from Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. indicated that they will reduce gasoline prices by P0.35, diesel prices by P0.10, and kerosene prices by P0.30 per liter.
However, it should be noted that Cleanfuel will also make adjustments, but will not include kerosene in its price reduction since it does not carry this particular fuel type.
The changes in prices will officially come into effect at 6 am on Tuesday, June 20, 2023 for all fuel companies. However, Cleanfuel will be adjusting its prices slightly earlier, at 12:01 am on the same day.
Currently, other fuel companies have yet to make similar announcements regarding their prices for the week.
Fuel prices increased significantly during the previous week. Prices for gasoline increased by P1.20 per liter, while diesel increased by P1.40 per liter and kerosene increased by P1.30 per liter.
Based on four-day trading patterns, the Department of Energy (DOE) had already predicted a drop in fuel prices. This forecast accounted for the optimism surrounding China’s demand figures, as well as the expectation of additional rate hikes in the United States, which might potentially dampen demand.
According to the most recent DOE data, there has been a net increase of P6.70 per liter in gasoline prices since the beginning of the year.
However, diesel prices have experienced a net decrease of P3.95 per liter, and kerosene prices have seen a net decrease of P6.05 per liter as of June 13, 2023.
What can you say about the expected oil price rollback? Just feel free to leave your comments and reactions to this article.
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