Gas Stations to Impose Oil Price Rollback This Week
FUEL PRICE ADJUSTMENTS – Several oil price rollback are set to take effect starting this week after weeks of consecutive increases.
Various oil companies announced price rollbacks are set to take effect on Tuesday (March 4, 2025). It comes after two straight weeks of price hikes that added to the overall cost of petroleum products.
Fuel retailers Shell Pilipinas, Cleanfuel, and PetroGazz have confirmed the oil price rollback. Gasoline prices will drop by P0.90 per liter, while diesel will see a P0.80 per liter decrease.
Additionally, Shell will lower the price of kerosene by P1.40 per liter. These changes will take effect at different times, with Shell and PetroGazz implementing the rollback at 6 a.m. and Cleanfuel following at 8:01 a.m.
Other fuel companies are also expected to adjust their prices accordingly. The recent price cut aligns with forecasts from the Department of Energy (DOE), which attributed the decline to several global factors.
A slowdown in fuel demand from Korea, rising fuel stockpiles in the U.S., reduced geopolitical tensions, and concerns over upcoming tariff policies in the U.S. have all contributed to the price adjustments.
Despite this rollback, fuel costs remain higher compared to the beginning of the year. As of February 25, gasoline and diesel prices have risen by a total of P4.75 per liter, while kerosene has increased by P2.90 per liter.
Last week alone, gasoline went up by P0.70 per liter, diesel by P0.40, and kerosene by P0.20.
“Oil prices fell this week following reports of weak economic growth in the US that fed fears of slower demand,” Bellas said.
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READ ALSO: Oil Price Update for March 4, 2024 (Tuesday)