Fuel Price Rollback Expected on Tuesday (September 17, 2024), According to Oil Companies
Various oil companies in the country are set to implement a fuel price rollback on Tuesday (September 17, 2024).
Several gasoline stations announced another big-time oil price rollback this week for gasoline, diesel, and kerosene. It will mark the third straight week of rollback, which will give a sigh of relief to Filipino consumers.
Seaoil Philippines Corp. and Shell Pilipinas Corp. released an advisory announcing that prices of gasoline will go down by P1.00, diesel by 1.30, and kerosene by P1.65 per liter.
Meanwhile, Cleanfuel and Petro Gazz will impose similar price adjustments, except for kerosene, which they do not carry. Cleanfuel’s new prices will take effect at 12:01 a.m., while other companies like Seaoil, PetroGazz, and Shell will adjust their prices at 6 a.m.
The rollback follows projections by the Department of Energy (DOE), which had predicted decreases due to weak global oil demand. Factors such as slowing demand from China and the U.S., as well as an anticipated increase in oil production by OPEC and its allies, have contributed to the drop in prices.
While this is the third consecutive week of price reductions, consumers are still facing net price increases for the year. As of September 10, 2024, gasoline prices have increased by a total of P5.85 per liter, and diesel by P3.05 per liter.
However, kerosene has seen a net decrease of P4.70 per liter since the start of the year.
These fuel price rollbacks offer some financial relief to Filipinos, especially those affected by previous price hikes. The DOE expects that these lower prices will ease the burden on consumers as global supply and demand issues continue to affect the market.
In a previous report, fuel firms set to impose another oil price rollback next week
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