Big-Time Oil Price Rollback Expected This Week, Fuel Companies Say
Several gasoline stations in the country are set to impose a big-time oil price rollback on Tuesday (August 13, 2024).
Filipino consumers will get a sigh of relief for the upcoming big-time oil price rollback, marking the third consecutive week of price cuts for gasoline and the fifth week for both diesel and kerosene.
Major fuel companies such as Seaoil Philippines Corp. and Shell Pilipinas Corp. have announced that gasoline prices will drop by P2.45 per liter, diesel by P1.90 per liter, and kerosene by P2.40 per liter.
Cleanfuel and Petro Gazz will also implement these reductions for gasoline and diesel, although they do not sell kerosene. The price changes will take effect at 6 a.m. for most companies, while Cleanfuel will adjust prices starting at 12:01 a.m. on the same day.
These adjustments reflect ongoing trends in the global oil market, influenced by factors like economic concerns, geopolitical tensions, and weaker consumption in China.
The Department of Energy has noted that a stronger peso and decreasing international oil prices are contributing to this downward trend.
Last week, prices were reduced slightly, with gasoline falling by P0.10, diesel by P0.20, and kerosene by P0.45 per liter. This recent cut brings the year-to-date net increase for gasoline to P9.50 per liter and P6.65 per liter for diesel, while kerosene has seen a net decrease of P0.75 per liter as of August 6.
As fuel prices continue to drop, consumers will find some extra savings, which may help with other expenses. The market remains volatile due to ongoing geopolitical concerns, such as potential conflicts in the Middle East, and shifts in global economic conditions.
Despite the recent downturn, experts predict further fluctuations in oil prices as these factors evolve.
This is a developing report, just visit this website regularly or refresh the page for further updates.
In a previous post, fuel firms to impose big-time oil price rollback next week