Fuel Firms to Implement Big-Time Oil Price Rollback on Tuesday (May 14, 2024)
PUMP PRICE UPDATE – Gasoline stations announced a big-time oil price rollback starting Tuesday (May 14, 2024).
Various fuel companies in the Philippines announced a massive cut in prices of petroleum products including gasoline, diesel, and kerosene in the second week of May. It will mark the third straight week of cuts for gasoline, and the fourth for both diesel and kerosene.
Gasoline stations including Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. announced a price rollback of P2.00 per liter of gasoline, P0.50 per liter of diesel, and P0.85 per liter of kerosene.
Cleanfuel and Petro Gazz will impose similar price adjustments except for kerosene, which they do not sell.
All fuel firms will implement the fuel price changes at 6 am on Tuesday but Cleanfuel will impose price adjustments at 12:01 am on the same day.
Meanwhile, other oil companies are set to make similar announcements later this week.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) cited the geopolitical conflict in the Middle East and fluctuations in the US oil inventory affecting the oil prices.
Last week, oil companies reduced the price of gasoline by P0.75, diesel by P0.90, and kerosene by P1.05. This was done last week.
As of May 7, 2024, revisions for the year had resulted in a net increase of P9.25 per liter for gasoline, P4.70 per liter for diesel, and a net loss of P0.80 per liter for kerosene.
The online community expressed their reactions to the announcement:
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