Big-Time Oil Price Rollback Expected This Week
OIL PRICE ROLLBACK – Various fuel companies in the country are set to implement a big-time oil price rollback this week.
In the last week of August, Filipino motorists can expect some relief at the gas pumps as fuel prices are set to drop. It follows last week’s significant price hikes, making this rollback a welcome change for many.
Starting Tuesday, (August 27, 2024) major oil companies like Shell, Seaoil, Caltex, and Cleanfuel will implement lower prices for gasoline, diesel, and kerosene. Gasoline prices will drop by P1.15 per liter, while diesel will see a reduction of P1.90 per liter. Kerosene, which is widely used in households and industries, will decrease by P1.85 per liter.
Cleanfuel will implement the changes earlier, starting at 12:01 a.m., while other companies will follow at 6:00 a.m.
The price reduction comes as a result of various global factors, such as ongoing ceasefire talks in Gaza, which have eased supply concerns, while Libya’s Sharara Oilfield has resumed production, contributing to a more stable oil supply.
Additionally, the global demand for oil remains low, which has helped push prices down. Despite this price rollback, the past week’s price increases have already added to the financial burden of many.
Throughout the year, gasoline prices have risen by a net P8.05 per liter, and diesel by P5.95 per liter, while kerosene has seen a slight net decrease.
As a nation heavily reliant on oil imports, the Philippines experiences regular price fluctuations at the pump. These changes directly impact household budgets and the public transport sector, making each price change a major adjustment for many Filipinos.
This is a developing report, just visit this website for further updates and information.
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