Fuel Companies Announce Oil Price Rollback on March 12, 2024
OIL PRICE UPDATE – Various fuel companies in the country are set to implement an oil price rollback starting next week.
The Department of Energy (DOE) announced that motorists in the Philippines can expect a welcome rollback in pump prices across various petroleum products in the upcoming week after a week of mixed movements in fuel prices.
Rodela Romero, Assistant Director of the Department of Energy’s Oil Industry Management Bureau, disclosed that recent oil trading trends over the past four days signal an impending rollback in fuel prices.
The oil firms announced a decrease of P0.50 to P0.80 per liter of gasoline, P0.20 to P0.50 per liter of diesel, and P0.20 to P0.45 per liter of kerosene.
Romero emphasized that these estimates remain subject to change depending on the outcome of Friday’s oil trading. The projected pump prices are still subject to change.
“The rollbacks are attributed to the fluctuating demand concerns in China and the US and the expected oil supply from non-OPEC countries that continue to rise,” Romero said.
This will mark the third consecutive week of price reduction for diesel and the second consecutive week of price cuts for gasoline.
Usually, oil companies announce price adjustments every Monday, with changes taking effect the following day.
In the latest round of adjustments, fuel firms reduced the per liter prices of diesel and kerosene by P0.40 and P0.35, respectively, as of March 5, 2024 (Tuesday). Conversely, gasoline prices experienced an upward adjustment of P0.50 per liter.
In another report, DOE eyes mixed oil price adjustment next week
Year-to-date increases for gasoline are P5.95 per liter, diesel is P4.05 per liter, and kerosene is slightly P0.05 per liter due to the combined effect of these adjustments.
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