DOE Says Oil Prices Are Set to Rollback This Weeks
FUEL PRICE UPDATE – The Department of Energy announced that oil prices are set to rollback on September 10, 2024 (Tuesday).
Starting Tuesday, major oil companies in the Philippines are set to implement oil price cuts. This reduction comes as a welcome relief, particularly after a series of price hikes throughout the year.
Starting this week, Shell, Caltex, and Seaoil will lower their pump prices by P1.55 per liter for gasoline, P1.30 per liter for diesel, and P1.40 per liter for kerosene. Other companies, such as Cleanfuel and Petro Gazz, will implement the same adjustments, although they do not offer kerosene.
Most companies will impose the fuel price adjustments at 6:00 a.m. while Cleanfuel will begin earlier, at 12:01 a.m.
This price cut comes on the heels of last week’s increase, where gasoline, diesel, and kerosene prices rose by P0.50, P0.30, and P0.70 per liter, respectively. Despite the current rollback, fuel prices in the country have seen a steady increase throughout 2024.
Since January, the total increase in gasoline prices has reached P7.40 per liter, while diesel has gone up by P4.35 per liter. On the other hand, kerosene has recorded a net decrease of P3.30 per liter.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) cited this week’s rollback to a combination of factors, including weakened demand from major economies like China and the US.
Additionally, global oil output has been boosted, with OPEC+ planning to increase production by 180,000 barrels per day in October. The potential resumption of oil production in Libya, which had previously faced disruptions, also contributed to easing supply concerns.
While the price drop offers short-term relief, overall fuel prices remain higher compared to earlier in the year, driven by fluctuations in global oil supply and demand.
In a previous report, gas stations expect oil price rollback next week
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