After experiencing two and a half months of continuous increases in pump prices, Filipinos will finally see a decrease as local oil companies announced rollbacks, albeit modest ones, effective Tuesday, September 26.
In separate statements, the oil firms stated that they would be lowering the prices of gasoline and diesel by 20 centavos per liter. Additionally, the price of kerosene will be reduced by 50 centavos per liter.
Petro Gazz, Shell, and Seaoil will implement the price adjustments at 6 a.m., followed by CleanFuel at 4:01 p.m.
These rollbacks put an end to eleven consecutive weeks of price increases, which were primarily driven by global production cuts enforced by the Organization of the Petroleum Exporting Countries (OPEC).
The Department of Energy (DOE) previously announced that OPEC would extend production cuts of nearly 6 million barrels per day until December, which could have resulted in continuous price hikes until the end of the year, albeit at a lower intensity.
Last week, oil firms raised the prices of gasoline and kerosene by P2 per liter, and diesel by P2.50 per liter.
As a result, the year-to-date net increase now stands at P17.50 per liter for gasoline, P13.60 per liter for diesel, and P9.94 per liter for kerosene.
Source: PhilNews24 | September 25, 2023
