Fuel Prices Set to Decrease on Tuesday

Motorists can expect lower fuel prices starting Tuesday, October 22, 2024, after several consecutive weeks of price hikes. Seaoil Philippines Corp. and Shell Pilipinas Corp. announced that they will reduce prices per liter by P0.50 for gasoline, P0.70 for diesel, and P0.85 for kerosene. Petro Gazz will implement similar price cuts, excluding kerosene.

The price adjustments will take effect at 6 a.m. on Tuesday. Other fuel companies are expected to make similar announcements soon.

This rollback follows last week’s significant price increases, and is attributed to factors like easing tensions in the Middle East and forecasts of a crude supply surplus in 2025. Despite this, year-to-date fuel price adjustments still reflect a net increase of P9.05 per liter for gasoline and P6.75 per liter for diesel.