Oil Firms to Implement Pump Price Rollback on Tuesday (February 13, 2024)

Pump Price Rollback Expected on Tuesday (February 13, 2024), Oil Firms Say

FUEL PRICE UPDATE – Various oil firms in the country are set to implement a pump price rollback on Tuesday (February 13, 2024).

After several weeks of continuous increase, Filipino motorists will finally catch a break this week as oil companies announced a rollback in pump prices. The rollback comes after five consecutive weeks of price increases for gasoline, diesel, and kerosene.

Gasoline stations such as Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. announced that they will reduce the prices of gasoline by P0.60 per liter, diesel by P0.10 per liter, and kerosene by P0.40 per liter.

Oil Firms

Similar adjustments will be made by Cleanfuel and Petro Gazz as well, except for kerosene, which they do not sell. All of these changes will be implemented at 6 a.m. on Tuesday, February 13, 2024, except for Cleanfuel, which will do so at 12:01 a.m. the same day.

As of this writing, other oil companies have not made similar announcements.

These adjustments, yet smaller than expected, are in line with the Department of Energy’s Oil Industry Management Bureau’s projections.

Oil Firms

Department of Energy Oil Industry Management Bureau director Rodela Romero said that the buildup of crude stockpiles, increased oil production in the US, and a deceleration in the development of oil consumption are the causes of price reduction.

The price of fuel increased last week, with kerosene rising by P0.80, diesel by P1.50, and gasoline by P0.75 a liter.

According to DOE data as of February 6, 2024, there have been net increases in gasoline prices of P5.15 per liter, diesel prices of P4.40 per liter, and kerosene prices of P0.85.

The social media users expressed their reactions to the announcement:

This is a developing report, just visit this website regularly or refresh the page for further updates.

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