Start of 2024 Brings Downward Shift in Fuel Prices Across the Philippines

The first week of 2024 brings good news for motorists in the Philippines as major oil companies announced a reduction in fuel prices. Chevron Philippines Inc. (Caltex), Petron Corp., Pilipinas Shell Petroleum Corp., Seaoil Philippines Corp., Cleanfuel, and Petro Gazz are set to implement a price cut. Starting Tuesday, gasoline prices will decrease by P0.10 per liter, diesel by P0.35 per liter, and kerosene by P1.40 per liter. The adjustments will be effective at 6 a.m. on Tuesday, January 2, except for Caltex and Cleanfuel, which will implement them at 12:01 a.m. This price reduction follows a significant hike in fuel prices the previous week, and despite year-to-date net increases in fuel prices reported by the Department of Energy for 2023.