OIL PRICE ADJUSTMENT – Several gas stations in the country are set to implement a fuel price rollback next week.
DOE’s Oil Industry Management Bureau director Rodela Romero blamed the mixed price changes in shift of shipping operations. The agency will continue to search for alternative routes despite attacks in the Red Sea.
Oil Price Rollback Expected on First Week of 2024
Fuel Companies to Impose Oil Price Rollback on January 2, 2024
Various fuel companies are expected to implement an oil price rollback in the first week of 2024 (Year of the Wood Dragon).
Motorists will have a sigh of relief on pump prices as the Department of Energy (DOE) foresees an oil price rollback next week.
Diesel prices are expected to roll back by P0.10 to P0.35 per liter and P1 to P1.10 per liter for kerosene products. However, gasoline products may see only a minimal increase or no movement at all.
Rodela Romero, the DOE’s Oil Industry Management Bureau director, directed the impending price adjustment to changes in shipping operations. She mentioned that despite attacks in the Red Sea, they continue to search for alternative routes.
“Ang kadahilanan po ng mixed movement, nag-ease po ‘yung concern about ‘yung shipping disruption along the Red Sea,” Romero explained.
Last week, oil firms increased gasoline prices to P1.60 per liter, diesel prices to P1.70 per liter, and kerosene prices to P1.55 per liter.
The price adjustments will take effect on (January 2) the first Tuesday of 2024, with some oil companies implementing changes at 6 a.m. and others at 12:01 a.m. on the same day.
On Saturday (December 30, 2023), Unioil Petroleum Philippines Inc. eyes lower fuel prices, estimating a potential cut of P0.40 to P0.50 per liter for diesel and P0.10 to P0.20 per liter for gasoline for January 2 to 8, 2024 trading week.
As of December 26, the year-to-date increase in fuel prices stands at P12.60 for gasoline, P5.65 for diesel, and P1.24 for kerosene, according to the Department of Energy’s latest data available.
Usually, gasoline stations make announcements every Monday and implement them on the following day.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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