Fuel Price Rollback Expected on Tuesday (June 11, 2024), Gas Stations Say
PUMP PRICE UPDATE – Several oil companies are set to implement a fuel price rollback starting this week.
Lower fuel prices mean reduced operating costs for buses, jeepneys, and other public transportation vehicles. This could potentially lead to lower fares for commuters. Motorists will directly benefit from lower fuel prices, resulting in savings that can be allocated to other household expenses.
Filipino motorists can expect lower fuel prices this week. Petroleum prices including gasoline, diesel, and kerosene are expected to drop by over P1 per liter starting on Tuesday (June 11, 2024).
On Monday (June 10, 2024), Shell Pilipinas Corp. announced in an advisory that it will lower the prices per liter of gasoline by P0.60, P1.20 per liter of diesel, and P1.30 per liter of kerosene. Clean fuel will also reduce prices by the same amounts, except for kerosene, which it does not offer.
All companies will implement the fuel price adjustments at 6 a.m. on Tuesday, except for Cleanfuel, which will adjust its prices at 12:01 a.m. on the same day. Other gas stations are expected to make similar announcements later this week.
The DOE-OIMB (Department of Energy) has made these price adjustments in accordance with its estimates. The price drop has been attributed by the DOE-OIMB to worries about slowing demand growth, rising interest rates, and rising US production.
Last week, gasoline prices were P0.90 lower per liter last week, but the cost of diesel and kerosene increased by P0.60 and P0.80 per liter.
As of June 4, 2024, the net increase for gasoline was P6.65 per liter, the net decrease for diesel was P5.45 per liter, and the net increase for kerosene was P0.25 per liter.
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