Fuel Companies to Implement Oil Price Rollback on Tuesday (February 27, 2024)
Various gasoline stations in the country announced that an oil price rollback is set to take effect on Tuesday (February 27, 2024).
Motorists across the Philippines can breathe a sigh of relief as fuel companies announce a slight rollback in pump prices of petroleum products starting Tuesday. However, the expected price cut falls short of compensating the increases throughout the year.
On Monday (February 26, 2024), Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. announced to reduce gasoline prices by P0.70 per liter, diesel by P0.95 per liter, and kerosene by P1.10 per liter.
Cleanfuel will impose similar adjustments, excluding kerosene, which it does not carry in its product range. All companies will implement the price changes at 6 a.m. except for Cleanfuel, which will implement the rollback at 12:01 a.m. on Tuesday.
Other oil companies have yet to make similar announcements for the week. Concerns about worldwide demand and the expectation of stable US interest rates are the reasons for these changes, which are in line with price reductions projected by the DOE-OIMB.
Diesel prices increased by P1.10, kerosene by P1, and gasoline by P1.60 per liter only last week. After adjusting for these increases, the year-to-date adjustments as of February 20 showed a net increase of P6.15 per liter for gasoline, P5.40 for diesel, and P1.50 for kerosene.
For the year 2024, this is just the third time that pump prices have dropped. As a result of Middle East tensions, prices increased once more after initially declining at the start of the year.
On the other hand, the price of gasoline, diesel, and kerosene at the pump increased by P1.60, P1.10, and P1.05 respectively last week.
The unpredictable nature of the global oil market, which is affected by supply and demand dynamics, geopolitical conflicts, and economic variables, appears in the moving prices of petroleum products.
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