Fuel Price Rollback Expected on Tuesday (September 26, 2023), Oil Companies Say
Various oil companies in the country are set to impose a fuel price rollback after 11 consecutive weeks of consecutive of oil price hikes.
After enduring ten consecutive weeks of rising gasoline prices and eleven weeks of surging diesel and kerosene costs, Filipino consumers are finally receiving a slight price cut. However, the rollback may not be sufficient to offset the previous increases.
Pilipinas Shell Petroleum Corp. announced in an advisory to lower gasoline and diesel prices by P0.20 per liter, while kerosene will see a P0.50 reduction. Cleanfuel and Petro Gazz will follow similar adjustments except for kerosene, which they do not carry.
The oil price adjustments are set to take effect at 6 a.m. on Tuesday, September 26, 2023, for all companies except Cleanfuel, which will initiate the changes at 12:01 a.m. on the same day. As of this writing, other fuel retailers have yet to issue similar announcements for the week.
Last week, various oil firms implemented a P2.00 price hike per liter of gasoline, a P2.50 hike per liter of diesel, and a P2.00 per liter of kerosene.
The Department of Energy released the latest data available showing the year-to-date net increases of P17.50 per liter for gasoline, P13.60 per liter for diesel, and P9.94 per liter for kerosene as of September 18, 2023.
RELATED ARTICLE: OIL PRICE UPDATE: Diesel & Kerosene Prices to Rollback Next Week
The cumulative price hikes have contributed to the burden faced by Filipino motorists and consumers.
To ease the impact of surging fuel prices on public utility vehicle (PUV) operators and drivers, the Land Transportation Franchising and Regulatory Board (LTFRB) began disbursing fuel subsidies on September 13, 2023.
The Land Bank of the Philippines, on the other hand, has temporarily suspended distribution of these subsidies in order to await approval from the Commission on Elections (Comelec) to exclude them from the election spending ban.
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