Motorists will be able to make more visits to the gas station over the coming days without spending as much as fuel prices will have a rollback starting tomorrow morning, September 17.
For the period September 17 to September 23 this year, the price of gasoline will drop by P1 per liter again after a P1.55/L drop last week.
Just like last week, diesel prices will go down by P1.30 per liter. Kerosene’s price will go down by P1.65 per liter as well.
The latest announcements are in line with what the Department of Energy-Oil Industry Management Bureau (DOE-OIMB) said would happen last Friday on the back of oil oversupply and weak global demand.
“Weakening global demand prospects and expectations of oil oversupply are the main factors for the said rollbacks,” DOE-OIMB Assistant Director Rodela Romero said on Friday, September 13.
“On the supply side, Iraqi’s and Libyan’s crude exports hit an eight-month high and have resumed loading, respectively,” Romero added.
As of writing, Shell Pilipinas Corporation, PetroGazz, Seaoil Philippines, and Cleanfuel were the only oil companies tosend notices about their price cuts starting tomorrow. Other companies in the same field are likely to follow suit.
Once these changes go into effect, the gasoline and diesel prices have gone up by P4.85/L and P1.75/L since the beginning of 2024. Kerosene costs, on the other hand, will have gone down by a net P6.35/L since the start of the year. (TCSP)
