Gas Stations to Implement Oil Price Rollback on August 6, 2024 (Tuesday)
FUEL PRICE ROLLBACK – Various gas stations in the country are set to lower the oil prices this week.
Starting Tuesday (August 6, 2024), oil companies will lower their fuel prices for the second week in a row. This will be the fourth week in a row that diesel and kerosene prices are also reduced.
Huge oil companies like Shell and Seaoil will cut their gasoline prices by P0.10 per liter, diesel by P0.20 per liter, and kerosene by P0.45 per liter. Cleanfuel and Petro Gazz will make the same changes for gasoline and diesel, but Cleanfuel’s new prices will start at 12:01 a.m., while the others will change at 6 a.m.
Last week, the Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said that lower demand from China and plans by OPEC to increase global oil supply are keeping prices down.
Last week, the price of gasoline fell by P0.75 per liter, diesel by P0.85 per liter, and kerosene by P0.80 per liter.
Despite these reductions, prices have still gone up this year. Gasoline has increased by P9.60 per liter and diesel by P6.85 per liter. However, kerosene prices have gone down slightly by P0.30 per liter since July 30, 2024.
“The downward pressure is attributed to the weakening demand from China and the plans of OPEC+ (Organization of the Petroleum Exporting Countries and allies led by Russia) to increase supplies in the world market,” said Romero.
In areas hit by Typhoon Carina, a price freeze on kerosene and LPG is still in effect due to a state of calamity. However, since kerosene prices are falling, the rollback will still be applied.
The social media users expressed their reactions to the announcement:
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