Major pump price rollback set Tuesday

A worker refills with gasoline from a fuel tanker the underground tank at a gasoline station at the corner of Blumentritt Street and Espana Boulevard, Manila on Sunday, August 6, 2023. Motorists may expect another big-time increase in the prices of petroleum products on Tuesday, August 8, 2023. The fuel price increase is due to the tightness of supply and the effect of the plan of the Organization of the Petroleum Exporting Countries (OPEC) and Russia to cut oil production in the month of August. DANNY PATA

Motorists will be greeted with lower pump prices this week, as firms are set to roll back prices of petroleum products, with those of diesel and kerosene by over P1 per liter.

In an advisory, Shell Pilipinas Corp. said it will lower prices per liter of gasoline by P0.60, diesel by P1.20, and kerosene by P1.30.

Cleanfuel will implement the same adjustments, excluding kerosene which it does not carry.

The changes will take effect at 6 a.m. on Tuesday, June 11, for all the firms except for Cleanfuel, which will adjust prices at 12:01 a.m. the same day.

Other firms have yet to make similar announcements for the week.

The adjustments are in line with projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), citing growing concerns over weakening demand growth, high interest rates, and increased production in the United States.

Firms last week rolled back prices per liter of gasoline by P0.90, while hiking those of diesel by P0.60, and kerosene by P0.80.

This brought year-to-date adjustments to a net increase of P6.65 per liter for gasoline and P5.45 per liter for diesel, and a net decrease of P0.25 per liter for kerosene as of June 4, 2024. —KBK, GMA Integrated News

This article Major pump price rollback set Tuesday was originally published in GMA News Online.