Fuel Price Rollback This Week, Oil Firms Say
FUEL PRICE UPDATE – Several oil firms in the country confirmed a fuel price rollback on Tuesday (October 10, 2023).
Motorists and consumers can expect a welcome relief at the pumps as gasoline, diesel, and kerosene prices are poised to decrease starting October 10. The rollback comes as a response to economic concerns and reduced global demand.
“Nanumbalik ang economic concerns. Usually po pag may ganoon talagang ang unang maiisip ay magkakaroon ng problema sa demand, humina,” Leo Bellas, President of Jetti Petroleum said.
Leading petroleum companies such as Pilipinas Shell, Seaoil, and Petro Gazz have all announced significant price reductions this week. This marks the third straight week of rollbacks for gasoline and kerosene prices.
These gasoline stations announced that gasoline prices will go down by P3.05 per liter, diesel prices by P2.45 per liter, and P3.00 per liter of kerosene. Cleanfuel will implement similar adjustments except for kerosene, which they do not carry.
Cleanfuel will impose the price changes at 12:01 a.m. on Tuesday while PetroGazz will implement the price adjustment at 6 a.m.
Last week, oil companies lowered gasoline prices by P2 per liter and kerosene by P0.50 per liter. Diesel, however, saw a slight increase of P0.40 per liter.
As of October 5, the retail prices in Metro Manila ranged from P60.15 per liter to P87.95 per liter, according to data from the Department of Energy (DOE).
“Although mayroon pa ding supply and demand concerns, supply is still tight. Pero nakita ng merkado na nangyari sa economic data baka manatiling mataas ang interest rates,” he added.
The social media users expressed their reactions to the expected oil price cut:
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