Gas Stations to Implement Oil Price Rollback on Tuesday
Various gasoline stations in the country are set to implement another round of oil price rollback this week.
Oil prices play an important role in the economic landscape of the Philippines, affecting various sectors and everyday consumers. The fluctuations in oil prices directly impact consumers particularly those who rely on motor vehicles for transportation and households that use oil for cooking.
Starting Tuesday (March 12, 2024), Filipino motorists will soon see relief at the pump as fuel prices including gasoline, diesel, and kerosene are set to roll back.
Seaoil Philippines Corp. and Pilipinas Shell Petroleum Corp. announced separately that they would reduce the price of gasoline by P0.50 per liter, diesel by P0.25, and kerosene by P0.30.
Similar adjustments will also be made by Cleanfuel and Petro Gazz, which will not be providing kerosene as it is not one of their products. The changes will take effect at 6 a.m. for all companies on Tuesday, except Cleanfuel, which will start applying the changes at 12:01 a.m. on the same day.
Meanwhile, other fuel companies have not yet released their price adjustments for the week as of the time of this writing.
Assistant Director Rodela Romero of the Department of Energy’s Oil Industry Management Bureau blamed the price reductions on the expected rise in oil supply from non-OPEC nations as well as shifting demand worries in the US and China.
Diesel and kerosene experienced drops in price last week of P0.40 and P0.35, respectively, but gasoline saw an increase of P0.50 per liter. As a result, as of March 5, 2024, the price of gasoline increased by P5.95 per liter, diesel by P4.05 per liter, and kerosene by P0.05 per liter.
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