Gas Station to Implement Oil Price Rollback This Week

OIL PRICE UPDATE – Several fuel firms are set to implement an oil price rollback starting on Tuesday (December 12, 2023).

Big oil companies have announced a reduction in fuel prices for the second consecutive week. Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp., Seaoil Philippines Corp., and Cleanfuel announced their plans to cut prices per liter, providing relief at the pump for drivers.

Starting at 6 a.m. on Tuesday, oil price rollback will be implemented. Pilipinas Shell will lower gasoline prices by P1.60 per liter, kerosene by P1.40 per liter, and diesel by P1.85 per liter.

Cleanfuel will implement similar price adjustments, excluding kerosene from the changes. Caltex and Cleanfuel will impose the price changes slightly earlier, at 12:01 a.m. on the same day.

The price rollback aligns with projections by the Oil Industry Management Bureau (OIMB) of the Department of Energy (DOE), predicting a potential oversupply towards the end of the year.

Last week, gas stations imposed a slight increase in the prices of petroleum products, but this week’s rollback earned positive feedback from the consumers.

The Department of Energy, led by Director Rino Abad, expressed optimism that lower prices may last until early next year.

As of December 5, 2023, the year-to-date data from the DOE indicates net increases of P12.60 per liter of gasoline, P5.70 per liter for diesel, and P1.94 per liter of kerosene. However, the latest announcement brings a sigh of relief for Filipino consumers during the Christmas season.

As Christmas Day approaches, the price cuts come as a timely relief, providing a bit of cheer for motorists and commuters ahead of Simbang Gabi.

Earlier, DOE says big-time oil price rollback expected next week

The social media users expressed their reactions to the looming oil price drop: