Oil Price Rollback Expected on Tuesday (July 4, 2023), Fuel Firms Say
OIL PRICE UPDATE – Gas stations are set impose an oil price rollback this coming Tuesday (July 4, 2023) after the fuel price hike last week.
Petroleum prices will likely decrease on Tuesday, offering some relief to motorists who have been dealing with recent price increases.
Both Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. have issued warnings showing a decrease in per-liter costs. Prices for gasoline will be reduced by P0.70, diesel by P0.70, and kerosene by P0.85.
Meanwhile, Cleanfuel will make similar changes, with the exception of kerosene, which the firm does not carry.
All of the aforementioned companies’ prices will be adjusted at 6 am on Tuesday, July 4, with the exception of Cleanfuel, which will apply the modifications at 12:01 a.m. on the same day. Other companies, meanwhile, have yet to make any statements regarding price changes for the week.
The expected price drop is consistent with estimates from the Department of Energy’s Oil Industry Management Bureau (OIMB). The OIMB expected a downward adjustment due to widespread pessimism about interest rates and doubts about the industry’s long-term demand.
Fuel costs increased only last week. Prices for gasoline increased by P0.20 per liter, diesel by P1.05 per liter, and kerosene by P1.20 per liter.
After last week’s adjustments, the year-to-date net increase for gasoline is P6.55 per liter, while kerosene experienced net decreases of P3.00 per liter and P5.15 per liter of diesel as of June 27, 2023, according to DOE.
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