Gas Stations to Impose Oil Price Rollback on Tuesday (June 6, 2023)

Gas Stations to Implement Oil Price Rollback This Week

OIL PRICE ROLLBACK – After three consecutive weeks of price hikes for gasoline, oil firms are preparing to roll back pump prices for petroleum products on Tuesday (June 6, 2023).

This downward adjustment comes as welcome news for motorists who have been dealing with rising fuel costs recently.

Pilipinas Shell Petroleum Corp. announced that they will be cutting the price per liter of gasoline by P0.60, diesel by P0.30, and kerosene by P0.60. The price drop is expected to provide some relief to consumers who have been feeling the pinch at the pump.

Similarly, Cleanfuel will also be implementing price adjustments on Tuesday, with reductions in gasoline and diesel prices. However, it should be noted that Cleanfuel does not carry kerosene in their product lineup.

Shell’s new rates will go into effect at 6 a.m. on Tuesday, while Cleanfuel’s modifications will go into effect at 12:01 a.m. on the same day. Other oil companies have yet to make similar pronouncements this week.

The Department of Energy (DOE) has announced that price cuts are expected this week, citing China’s bad economic indicators as a cause.

The global oil market is significantly influenced by economic trends and geopolitical developments, both of which can affect petroleum product pricing.

According to the most recent DOE data, gasoline has experienced a net gain of P5.00 per liter, while diesel has seen a net decline of P5.05 per liter and kerosene has seen a net decrease of P6.40 per liter as of May 23, 2023.

What can you say about the oil price adjustment? Just feel free to leave your comments and reactions to this article.

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