Motorists planning a road trip over the holidays will receive good news as local pump pricing for oil products will be rolled back starting on Tuesday, June 11.
Diesel prices for the week of June 11 to 17, 2024 would decrease by P1.20 per liter, thus offsetting the P0.60/L price increase from the previous week.
Gasoline prices will also drop by P0.60 per liter to likewise offset the P0.90/L rollback from last week. Kerosene costs will also decrease by P1.30 per liter.
Once the fuel firms implement these fuel adjustments, the price of diesel and gasoline would have been increased by P4.25/L and P6.05/L, respectively, since the start of 2024. Kerosene prices, meanwhile, will have decreased net by P1.55/L since the beginning of the year.
Department of Energy’s Oil Industry Management Bureau Director Rodela Romero cited certain international occurrences, such the prolonged worldwide oil production cut, as the reason for the pump price drop.
“Oil prices remain under pressure this week despite OPEC+ (Organization of the Petroleum Exporting Countries and its allies) agreeing to extend their voluntary production cuts of 2.2 MMBD (million barrels per day) until the end of this year,” Romero said on Friday.
“This decision comes in response to growing concerns over weakening demand growth, high interest rates, and increased production from the US (United States),” she added.
