Fuel price rollback greets motorists on January 2

CITY OF SAN FERNANDO---Price cuts on the prices of gasoline, diesel and kerosene greeted motorists in the first week of January 2024.

Oil firms slashed pump prices of gasoline by P0.10 per liter.

Diesel also went down by P0.35 per liter while kerosene declined by P1.40 per liter.

On Monday, the Department of Energy Oil (DOE) said the price cuts of fuel were due to the "easing of concerns over shipping disruptions."

The DOE added that another reason is the expectation that Russia’s oil output will be steady in 2024, with surplus oil supply seen this year and OPEC+ extending current cuts.

The price of liquefied petroleum gas (LPG) meanwhile rose by P3.40 to P3.45 per kilogram on January 1, 2024.

In separate advisories, Petron said it increased its prices by P3.40 per kg or P37.40 per 11-kg cylinder tank while the Solane-branded LPG increased by P3.45 per kg or P37.95 per 11-kg cylinder tank.