Another Oil Price Drop Expected This Week, Fuel Companies Say

FUEL PRICE UPDATE – Various fuel companies in the country announced another oil price drop this week.

The Philippines, like many other countries, is heavily dependent on the global oil market. Fuel prices have been one of the most controversial topics of concern and interest for many individuals, especially motorists, as they play an essential role in daily transportation costs.

On Monday (November 13, 2023), oil companies once again announced a rollback in pump prices for petroleum products, providing some relief to motorists. However, the rollback may not fully offset the net increases incurred throughout the year.

Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. stated in separate advisories that they will be cutting P0.70 per liter of gasoline by, P3.00 per liter of diesel, and P2.30 per liter of kerosene.

Cleanfuel and Petro Gazz are also implementing similar changes, except for kerosene, which they do not carry in their product lineup.

The adjustments will be effective at 6 a.m. on Tuesday (November 14, 2023) for most companies, with Cleanfuel implementing changes slightly earlier at 12:01 a.m. on the same day. Currently, other oil companies have yet to make similar announcements for the week.

The decreasing demand in the United States and China resulted in the price drop for this week, according to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB).

Last week, oil firms imposed price reductions of P0.45 per liter of gasoline, P1.10 per liter of diesel, and P1.05 per liter of kerosene.

As of November 7, 2023, the year-to-date net increase stands at P13.75 per liter for gasoline, P9.35 per liter for diesel, and P3.99 per liter for kerosene, according to data from DOE.

The announced price drops by major companies for Tuesday will bring relief to consumers.

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