Oil Price Rollback Expected on Tuesday, January 28, 2025
OIL PRICE UPDATE – Several fuel firms in the country are expected to implement oil price rollback this week.
Filipino motorists can expect a slight reduction in fuel prices starting Tuesday (January 28, 2025), following three consecutive weeks of increases.
Several major oil companies, including Shell Pilipinas, Seaoil, Petro Gazz, and Cleanfuel, have announced plans to lower the price of gasoline by P0.80 per liter, diesel by P0.20 per liter, and kerosene by P0.50 per liter.
The price adjustments will begin at 6 a.m. for most companies, while Cleanfuel will implement the rollback at 8:01 a.m. The price reduction, while welcomed by consumers, won’t be enough to counter the huge price hikes seen in recent weeks.
Last week, fuel prices went up by P1.65 per liter for gasoline, P2.70 for diesel, and P2.50 for kerosene. As of January 21, the cumulative increase for the year stands at P3.45 per liter for gasoline, P5.00 for diesel, and P4.30 for kerosene.
The rollback comes as a result of several factors affecting the global oil market. One key reason is the reopening of oil refineries and ports in the U.S. Gulf Coast, which has helped stabilize supply.
Additionally, traders are watching closely as the U.S. government has proposed new tariffs that could influence the global economy and oil demand. Tensions in the Middle East have also eased, contributing to reduced concerns about disruptions in oil shipments.
Despite the rollback, the overall upward trend in prices remains significant. While this price drop is a positive development for consumers, oil prices are still considerably higher than earlier this year.
As of now, more oil companies are expected to announce similar reductions in the coming days.
The social media users expressed their reactions to the post:
This is a developing report, just visit this website regularly or refresh the page for further updates.
READ ALSO: Oil Price Rollback Expected Next Week Following Recent Hikes, DOE Says