Fuel Prices in the Philippines See a Notable Decrease

In a significant move for motorists, major oil firms in the Philippines have announced a substantial rollback in fuel prices, marking the second consecutive week of price reductions for diesel. Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp., Seaoil Philippines Corp., and Cleanfuel will reduce the prices of gasoline by P1.60, diesel by P1.85, and kerosene by P1.40 per liter. These adjustments are set to take effect on Tuesday, December 12, with varying implementation times for the respective companies.

This price rollback aligns with the Oil Industry Management Bureau of the Department of Energy’s projections of a potential oversupply towards the year’s end. Despite this decrease, the year-to-date net increases in fuel prices remain substantial, with gasoline up by P12.60 per liter, diesel by P5.70 per liter, and kerosene by P1.94 per liter as of December 5, 2023​​.