Fuel Price Rollback Set for Tuesday, July 30, 2024
OIL PRICE UPDATE – Various oil companies in the country are set to implement a fuel price rollback this week.
On Monday (July 29, 2024), several oil companies announced that they would lower fuel prices starting Tuesday (July 30, 2024). This move continues a trend of decreasing prices for the third week in a row for both diesel and kerosene.
Seaoil Philippines Corp. and Shell Pilipinas Corp. will reduce their prices by P0.75 per liter for gasoline, P0.85 per liter for diesel, and P0.80 per liter for kerosene. Clean fuel will also cut prices for gasoline and diesel by the same amounts but does not offer kerosene.
Seaoil and Shell impose the oil price adjustments at 6 a.m. on Tuesday. Cleanfuel will implement its price changes starting at 12:01 a.m. the same day. Other fuel companies have not yet made their announcements for this week.
These price adjustments are in line with expectations from the Department of Energy’s Oil Industry Management Bureau. The bureau has predicted that the market will experience abundant supplies and lower demand, which supports the current trend of decreasing prices.
Additionally, ongoing negotiations in Gaza might impact the geopolitical risk premium on crude oil and fuel products.
Last week, gasoline prices saw a slight increase of P0.10 per liter, while diesel and kerosene prices were reduced by P0.40 and P0.70 per liter, respectively.
As of July 23, 2024, the total price changes this year have led to net increases of P10.35 per liter for gasoline, P7.75 per liter for diesel, and P0.50 per liter for kerosene.
The upcoming price rollback is a continuation of the recent downward trend in fuel prices, bringing some relief to consumers who have been feeling the impact of higher fuel costs in the previous months.
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