Filipino Motorists to Enjoy Pump Price Rollback Starting Tuesday (April 30, 2024)
OIL PRICE UPDATE – Various gas firms in the country are set to impose a pump price rollback this week.
Starting Tuesday (April 30, 2024), Filipino motorists across the Philippines can breathe a sigh of relief as fuel prices decrease, , marking the second consecutive week of rollbacks for diesel and kerosene, and the first for gasoline after six weeks of continuous increases.
Major fuel companies including Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. announced plans to reduce the price per liter of gasoline by P0.25, diesel by P0.45, and kerosene by P0.90 on Monday in separate announcements.
Similar changes will also be made by Cleanfuel, except for kerosene, which it does not supply.
The price adjustments are scheduled to take effect at 6 a.m. on Tuesday, for most companies, while Cleanfuel will implement the adjustments slightly earlier, at 12:01 a.m. on the same day.
As of this writing, other fuel companies have yet to announce their price adjustments for the week.
Pump price rollbacks are expected this week, according to a recent projection from the DOE-OIMB, the Department of Energy.
This estimate took into consideration several factors, such as the decreasing conflicts between Iran and Israel, the unpredictability of the oil market, and the ongoing increase in US petroleum stockpiles.
Fuel firms raised the price of gasoline by P0.55 per liter the previous week, while reducing the price of diesel by P0.95 and kerosene by P1.10.
As of April 23, 2024, the year-to-date increases, considering the adjustments made thus far, are P10.25 per liter for gasoline, P6.05 per liter for diesel, and P1.15 per liter for kerosene.
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For drivers, these price reductions are good news as they provide a small break from the continuous fluctuation of oil prices around the world. Fuel prices are a major expense for households, therefore any decrease in price is sure to be well-received by consumers.
