Oil Price Rollback Expected on Tuesday (July 16, 2024), Gas Stations Say
FUEL PRICE ROLLBACK – Several gas stations are set to implement an oil price rollback on Tuesday (July 16, 2024).
On Monday (July 15, 2024), various oil companies in the country announced that Filipino motorists would get some relief from an upcoming oil price reduction following four weeks of consecutive increases.
Shell Pilipinas and Seaoil Philippines Corp. are among the companies leading the rollback, announcing decreases of P0.60 per liter for gasoline, P0.95 per liter for diesel, and P1.15 per liter for kerosene.
The price adjustments will take effect at 6:00 a.m. Other fuel firms like Cleanfuel and Petro Gazz will implement similar price rollback, though Cleanfuel’s changes will start earlier at 12:01 a.m. on the same day.
The decision to reduce prices comes amidst several factors influencing global oil markets. Increased oil production in the United States has contributed to a higher supply of crude oil, leading to lower prices.
The performance of the US dollar has also played an important role in global oil prices. Recent fluctuations in the dollar’s value against other currencies have contributed to the easing of oil prices globally.
Prior to this rollback, motorists faced numerous increases in fuel costs over the past month. Gasoline prices had risen by P1.60 per liter, while diesel and kerosene prices had also seen notable hikes.
Year-to-date adjustments as of July 9, 2024, resulted in a net rise of P10.85 per liter for gasoline, P9.05 per liter for diesel, and P2.35 per liter for kerosene.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) had projected these adjustments based on ongoing market trends and geopolitical factors affecting oil prices.
Filipino motorists are advised to take advantage of these lower oil prices starting Tuesday.
This is a developing report, just visit this website regularly or refresh the page for further updates and information.
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