CITY OF SAN FERNANDO --- Oil firms announced on Monday a fuel price rollback to be implemented this week, starting Tuesday, August 27, 2024.
Chevron Philippines Inc. (Caltex), Seaoil Philippines Corp. and Shell Pilipinas Corp. said the price per liter of gasoline will be slashed by P1.15, diesel by P1.90, and kerosene by P1.80.
The rollback comes after last week's price increase, where gasoline jumped by P1.00, diesel by P1.20, and kerosene by P1.00.
The Department of Energy (DOE) Oil Industry Management Bureau said this week's projected rollback is due to the ceasefire talks in Gaza, as well as the production recovery support from Libya’s Sharara Oilfield.
“Poor global demand remains one of the main drivers that makes the market bearish. Added to it are the Israel-Gaza ceasefire talks that ease supply fears and the production recovery support from Libya’s Sharara Oilfield,” said the DOE.
The adjustments will take effect at 6 am on Tuesday for all the firms except for Cleanfuel, which will roll back prices at 12:01 am the same day.